Elan shelves plans to spin-off subsidiary
The Irish pharmaceutical company – chiefly known for its Tysabri multiple sclerosis drug – has long-since identified the need to alter EDT’s ownership status,either through selling it off entirely or floating it on one or two stock exchanges. While the latter remains the preferred long-term option, group management hinted recently that a final decision may not be taken for a number of months, perhaps not until next year.
However, in a statement issued yesterday, they clarified the situation, by saying: “Given that market conditions, at this time, are not conducive to an appropriate valuation, Elan has determined that it will not start a process to pursue a separation of the EDT business at this time.”
