Perrigo Shares Up 10% As Appeal Deadline For €1.6 Bln Irish Tax Bill Nears

(RTTNews) - Shares of Perrigo Co. Plc (PRGO) climbed nearly 10% on Wednesday, just ahead of the deadline for an appeal of a 1.64 billion euros Irish tax bill.

Perrigo's stock had plunged about 30% last week after Irish Revenue Commissioners demanded the company pay $1.9 billion in back taxes related to sales from 2013.

The company said it had received a so-called Notice of Amended Assessment (NoA) from the Irish revenue office, relating to the tax treatment of the April 2013 sale by Elan Pharma of multiple sclerosis treatment Tysabri and related assets to Biogen Idec.

Perrigo acquired Elan in 2013 for $6.7 billion.

"Perrigo strongly disagrees with this assessment and believes that the NoA is without merit and incorrect as a matter of law," the company said in a filing with the Securities and Exchange Commission.

"In addition, no payment of any amount related to this assessment is required to be made, if at all, until all applicable proceedings have been completed, which could take a number of years."

The company had said it would file a timely appeal.