See Why Perrigo Shares Are Moving Higher On Thursday

Over-the-counter drugs company Perrigo Company plc PRGO has settled the tax bill issued for €297 million.
When credit for certain taxes already paid is factored in, the cash payment that Perrigo will make will be €266.1 million.
The settlement is related to the Notice of Amended Assessment (NoA) in 2018, which claimed income tax payable of approximately €1.6 billion.
In July, Irish Revenue acknowledged that not all relevant facts were known to them when they issued the NoA in 2018.
Hence, certain adjustments resulted in an aggregate reduction of more than €660 million from the income taxes claimed.
At that point, Perrigo believed that the maximum amount of income tax claims in dispute was effectively reduced to less than €1.0 billion.
The Company said it did not have to pay any interest or penalties on the disputed sum as part of the settlement.
The disputed tax bill relates to the sale by Elan of the multiple sclerosis drug Tysabri in 2013 to Biogen Inc BIIB for an up-front payment of $3.25 billion and a share of future royalties.
The sale took place months before Perrigo bought Elan in July 2013.
Analyst Reaction: Jefferies upgraded Perrigo to Buy from Hold with a price target of $63, up from $45.
The analyst views the Irish Office resolution as "very favorable" for Perrigo.
Related: Perrigo Buys Consumer Self-Care Firm For $2.1B: Highlights.
Price Action: PRGO stock is up 15.30% at $50.17 during the premarket session on the last check Thursday.

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