Elan to update on drug tech division

DUBLIN-headquartered pharmaceutical company Elan is expected to give some update on the future of its drug technology division, when it issues its third-quarter results next week.

The sale of Elan Drug Technology (EDT), the €1bn-valued outsourced drug research arm of Elan, has been in the offing for some months and a number of international private equity houses, including Bain Capital, Warburg Pincus and TPG, have been heavily linked with bids.

However, as Elan’s management has chosen to remain tight-lipped over the future ownership prospects for EDT — the company’s stock communication on the issue is that it “continues to evaluate all parts of the overall business on an ongoing basis” — it is doubtful whether any real news regarding EDT will be forthcoming.