Elan to decide on EDT future

ELAN is expected to arrive at a decision regarding the future status of its drug delivery division, EDT, before the end of the summer – with a separate stock market listing the likely outcome.

The Irish pharmaceutical company, which yesterday reported a return to profit for the first quarter of the year, announced, earlier this week that it is re-examining the prospect of separating the Athlone-based EDT (Elan Drug Technologies) from the main company, as a means of generating more investment for the division.

Speaking yesterday, Elan chief executive Kelly Martin said that an IPO – Elan itself is listed on the Dublin and New York markets, having de-listed from London last year – would be the preferred outcome, but a trade sale or takeover by a private equity firm would not be ruled out if an offer was deemed to represent real value for shareholders.