Elan seals $114m deals to reduce debt

ELAN yesterday announced it will receive a $114 million cash injection in two separate deals designed to further reduce its huge debt.

Some $100m has been paid to the Athlone-based pharma giant Ligand Pharmaceuticals following a restructured licensing deal.

It was later announced that scientific instrument firm Novitron is to buy Elan’s chemistry instrument subsidiary, Elan Diagnostics, for $14.6m.