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Elan sells Alkermes shares for $381m

IRISH drug company Elan has confirmed the completion of a sale of shares in New York-listed Alkermes for $381m (€290m). Elan held a 25pc stake in Alkermes after it sold its drug technology unit to the company last year for close to $1bn. That included $500m in cash paid by Alkermes and shares in the company. The sale by Elan represents 76pc of its total Alkermes holding.

PRCA welcomes lobbyist register

LEGISLATION

THE Public Relations Consultants Association Ireland (PRCA) has welcomed the Government's consultation on introducing of a register for lobbyists. In its submission, the PRCA said registration would be beneficial if the definition of lobbying was all-embracing and included all individuals and organisations who engaged with ministers, elected representatives and public officials. Only Canada, the US and Germany currently have a statutory register and PRCA chairman Laurie Mannix believes US-type legislation in Ireland would be "unnecessarily cumbersome and costly to implement for a country the size of Ireland". However, "the systems adapted by the EU Commission and elements of some of the Canadian Provinces were worth considering as they were more in keeping with the Irish political system", said Ms Mannix.

Blaze at Glanbia plant in Canada

FOOD

FIREFIGHTERS were last night battling to control a major fire at a Glanbia plant in Canada. The plant at Angusville, outside Winnipeg in central Canada, is believed to be a flaxseed processing plant for Glanbia Nutritionals. Glanbia's nutritionals business has become the major profit driver for the company in recent years. Witnesses described the mill, which employs between 30 and 40 people, as being "engulfed in flames" last night, with some 30 firemen present at the scene trying to fight the blaze. It is not known what effect the fire may have on Glanbia's business. The company has been riding the crest of a wave recently, with the stock jumping more than 44pc in value since November.

Irish Independent