Elan seeks quick sale of EDT

Source: Exec Digital Ireland

Date :13/08/2008 12:17:02

Elan Corp has received first-round bids for the drug delivery arm of its business, Elan Drug Technologies, and is hoping for a quick sale.

It is predicted that EDT could sell for as much as €940 million following Elan’s decision to spin off the unit and focus on its own biotech drugs.

Shares in the drugmaker have slumped since concerns were raised about its multiple sclerosis treatment, Tysabri, which has been linked to cases of brain disease.

Elan is currently co-developing an Alzheimer’s treatment with Wyeth but shares plummeted further following poorly received trial data last month.

The drugmaker is hoping that a successful sale of its delivery arm will boost shares.