Elan in €100m sale deal

ELAN Corporation has agreed to sell its European sales and marketing business for €100 million million to Medeus UK Limited, a new British pharmaceutical company backed by Apax Partners Funds.

Elan also said it was retaining its operations in Athlone and its research and development operations in Stevenage, and that it separately anticipates selling certain rights to two products in Britain and Ireland for approximately €8m.

“Divesting these operations is consistent with our strategy of focusing on areas that are essential to our future and enables us to tailor our European sales and marketing efforts toward our pipeline products. We are also pleased to note that individuals who have contributed to our sales and marketing success in Europe will have an opportunity to continue to contribute as employees of Medeus UK Limited,” said Kelly Martin, Elan’s president and chief executive officer.