Elan shares up 3pc after drug firm's Q2 revenue passes $56m
SHARES in drug company Elan were up 3pc yesterday morning after it said revenue hit more than $56m (€42.2m) between April and June.
The company put itself up for sale last month in a last-ditch attempt to fend off a hostile takeover bid from the US's Royalty Pharma.
Elan chief executive Kelly Martin said they were "focused squarely" on a possible sale.
"The board and executive management are in complete alignment with regard to exploring all opportunities to maximise shareholder value," he said in a statement posted to the Irish Stock Exchange.
"We will continue to advance the process and communicate the outcome to the marketplace at the appropriate time."
The company said its second-quarter results had been impacted by the completion of the sale of its MS drug Tysabri, as well as a $1bn share buyback and other transactions.
The Dublin-headquartered firm said its net income for the quarter of $2.3bn reflects the gain from the Tysabri transaction.
"We remain in a very strong financial position, and ended the quarter with over $1.9bn in cash and cash equivalents, and no debt," said chief financial officer Nigel Clerkin.
By mid-morning, Elan's share price had risen 3pc to €10.88.
Royalty's final bid had offered $13 in cash per share and added a clause known as a contingent value right that could have added $2.50 per share if Tysabri hit certain sales milestones.