Elan chief waives his annual bonus

THE chief executive of Elan waived his annual bonus, worth about $900,000, last year, it emerged yesterday.

Elan, which was dealt a major blow when its multiple sclerosis treatment Tysabri was withdrawn from the market following the death of three patients who took the drug, said Kelly Martin took 200,000 share options (valued at close to $900,000) instead of the immediate cash payout.

Mr Martin cannot exercise the options until the share price hits $7.47, meaning it will have to double if he is to benefit.