Investors expecting miracle cures swallowed bitter pills
Published 17/12/2010 | 05:00
THE $203m fine imposed on Elan is almost certainly the largest fine ever imposed on an Irish company but then few Irish companies get under-aged children to consume their drugs without approval and encourage doctors to hide the drugs in apple sauce.
Under the agreement reached with the US Justice Department, Elan will pay a criminal fine and admit to misbranding epilepsy treatment Zonegran but few shareholders can be surprised at this stage; Elan is one of those companies that just keeps on tripping up.
Back in 2001, Elan had the distinction of being the biggest company on the stock exchange with a value of €23.8bn amid hopes that it was set to develop treatments for Alzheimer's and multiple sclerosis.