Elan falls after Martin denies sale talks
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Elan's Kelly Martin
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The Irish drugmaker fell to just over €6 in early trade
ELAN, Ireland's largest drugmaker, fell in Dublin trading after denying it was in talks with Pfizer Inc. or another drugmaker to sell the company.
Elan fell as much as 4.1 percent, or 26 cents, to 6.10 euros, and was trading at 6.14 euros as of 9:17 a.m. The stock has gained 47 percent this year, giving the company a market value of 2.91 billion euros ($3.89 billion).
Elan is not in negotiations with any other drugmaker about a potential acquisition, Chief Executive Officer Kelly Martin told Bloomberg News in a Jan. 9 interview. The drugmaker is a "third of the way through" plans to raise $500 million by licensing out experimental cancer drugs, Martin said. The proceeds will be used to cut debt and fund trials for the experimental Alzheimer's therapy, bapineuzumab, he said.
(Bloomberg News)
- Colm Heatley
