Elan takes its pill and already looks much better
IT'S been a long road for Elan, but it looks like the company has put a plan in place for its future. The firm is to split itself into two companies, in a move that would seem to make one of them ripe for a takeover.
The pharmaceuticals firm announced a $216m (€151m) third-quarter loss on the back of restructuring costs, but the costs look well founded.
The firm is to spin out its drug discovery business. Neotope Biosciences will be based here and will take a US stock exchange listing.
Elan in turn will become a straight pharma business reliant on the likes of its Tysabri drug. The move will make Elan PLC profitable immediately, and much more attractive to potential buyers.