LONDON: Irish biotechnology company Elan announced a series of deals yesterday to boost growth, in the face of a $6bn hostile takeover approach by US group Royalty Pharma.
“Elan Corporation plc today announces a series of transactions designed to decisively transform and advance the company,” it said in a statement.
The Dublin-based group said it was buying two small drugmakers, selling one of its drugs in development, buying back $200m in shares and finally issuing $800m of debt.
Subject to shareholder approvals, Elan has agreed to buy Austrian firm AOP Orphan, which focuses on specialist treatments for diseases that affect only small sections of the population.
It will acquire also a 48-percent stake in Dubai-based speciality pharmaceuticals startup firm Newbridge, with an option to buy the rest by 2015. Elan will also sell a drug in development which is designed to manage aggression in patients with Alzheimer’s disease, to Speranza Therapeutics.
Monday’s announcements come after the firm last month rejected a takeover approach from US peer Royalty Pharma.
AFP
