Elan gets $70m in assets sale

ELAN said yesterday it had raised $70 million through more asset sales.

The sale is part of the Athlone-based firm’s restructuring plan, which has seen close to $2 billion raised to pay off its debts.

According to a company statement yesterday, $25m came from King Pharmaceuticals in relation to patent exclusivity for Skelaxin, which Elan sold to King last year. The remaining $45m came from the sale and lease-back of its San Diego offices, the sale of its Swiss manufacturing and drug delivery operation, and its Italian manufacturing business, Segix Italia.