Elan continues assets disposal
Elan today continued its disposals spree with the sale of its European sales and marketing business.
Elan stands to make around $120m (€96m) from the sale to Medeus UK, a new pharmaceutical company backed by private equity firm Apax Partners.
The deal is the latest in a string of disposals which have already earned the group around $2bn (€1.6bn) during the past 12 months.
The sale includes Elan’s sales and marketing operations in the UK, as well as affiliates in Germany, France, Spain, Italy and Ireland.
But the group will retain its operations in Athlone, Ireland, and its research and development operations in Hertfordshire in the UK.
Chief executive Kelly Martin said: “Divesting these operations is consistent with our strategy of focusing on areas that are essential to our future and enables us to tailor our European sales and marketing efforts towards our pipeline products.”
The group expects to record a pre-tax gain of around $10m (€8m) from the transaction, which should be completed during the first quarter of 2004, subject to regulatory approval.
Elan, which is listed on the Dublin, London and New York stock exchanges, focuses on the development and sale of treatments for diseases including Alzheimer’s, Parkinson’s, multiple sclerosis and autoimmune diseases.
