Elan mulls business split

IRISH pharmaceutical company, Elan is re-examining the possibility of separating its Athlone-based Elan Drug Technologies (EDT) business from the main group.

An offloading of the profitable division was considered last year – before the company strengthened its finances by selling a controlling stake in its Alzheimer’s treatment business to Johnson & Johnson and an overall 18% stake in the group to the US healthcare giant.

However, Elan’s management has said onnumerous occasions in the past couple of years that the EDT business could benefit from increased funding levels. Yesterday’s announcement supports that, although no decision as to what option will be taken has been made.