McLaughlin to take helm at Elan
Mr Armen is to be replaced by current non-executive director Kyran McLaughlin.
Dr Armen will remain on the firm’s board as a director. The change is immediate.
Mr McLaughlin was appointed a director of Elan in 1998. He is head of capital markets and deputy chairman at Davy Stockbrokers. He is also a director of Ryanair.
In a separate development, Elan flagged a new licence deal with drug firm Roche concerning its nanocrystal technology.
The deal gives Roche access to the technology and the right to apply it to a number of proprietary drugs.
In return, Elan will benefit from development milestones and royalties on sales of any product incorporating the use of the technology.
Nanocrystral technology is designed to enhance the clinical performance of poorly water-soluble drugs.
The technology allows the drug to dissolve faster and more completely in the gastrointestinal tract, which makes it easier for patients to absorb into their systems.
Elan shares rose 10 cent to €20.92.
The shares were the biggest gainer on the ISEQ last year, rising by over 250% in value.
Shares in Elan crashed to around €2.30 as fears for its future surfaced following an investigation by the New York Stock Exchange.
Mr McLaughlin was questioned by the Moriarty Tribunal in November 1999 about a document detailing how the Ansbacher accounts operated.
Shortly afterwards, he resigned as joint chief executive of Davy Stockbrokers and from the board of the company as a result of leaks to the media.
He remained on as an employee of the company.
At the time, Mr McLaughlin said he took the decision because a number of “my personal papers from the 1980s have been distributed to the media and other parties.”
Other documents, including details of the establishment of a family trust for the benefit of his children were also leaked.
Mr McLaughlin said these contributions were out of after-tax income.
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