Elan sale may net $900m
ELAN'S plans to float off its drug technology business EDT may raise a fraction of what the company run by Kelly Martin (above) hoped to get when it tried to sell the unit in 2008.
It is thought that EDT may be worth about $900m if it floats on US stock markets. Two years ago, Elan almost sold off the business for nearly $1.4bn with a number of private equity companies reaching the second round of bidding.
However, the collapse of Lehman Brothers -- Elan's adviser -- and financial panic scuppered the deal.