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€291m deal for Elan

IRISH biotech company Elan sold an 18pc stake in US drug firm Alkermes for $381m (€291m).

The deal secures three-quarters of the company's holding as Elan received a 25pc stake in Alkermes plus €500m last year in exchange for its Athlone-based drug delivery business.

Elan sold the shares after a six-month lock-up period.