Dublin-based pharmaceutical company Elan has gatecrashed a £41.8 million sterling deal to buy British company, Quadrant Healthcare, with its own £52.3 million offer.

Elan's 75p-a-share offer came just a week after Quadrant recommended a 60p-a-share bid by California-based Inhale.

Mr Iain Ross, chief executive of Quadrant, said: "We believe this offer is in the best interests of Quadrant and its stakeholders and is a logical extension of the relationship we have established with Elan."

Quadrant shares jumped 29 per cent on the news - rising 17p to the 75p offer price.

Elan, which already has a 7 per cent stake in Quadrant, said the acquisition was an important step in its development of drug delivery platforms to meet needs "not adequately served by traditional delivery approaches".

The group said Quadrant's patented drug delivery technologies would "strengthen and complement" Elan's drug delivery range, and should give the opportunity to increase development opportunities with existing partners.

Yesterday's deal also follows a joint venture agreement between Elan and Quadrant formed earlier this year to integrate drug delivery technologies.

Quadrant, which was formed in 1988, joined the London Stock Exchange two years ago.

The company is based at two facilities in Nottingham and employs around 70 staff.