Elan takes 24% stake in US firm

ELAN has taken a 24% stake in US firm Proteotasis Therapeutics and said that it is likely to do another licensing deal within the next six months.

The Dublin-headquartered pharmaceutical firm already co-owns the leading multiple sclerosis treatment, Tysabri and recently sold its drug delivery business EDT for nearly $1 billion

It will seek to discover and develop new ways to treat such neurodegenerative disorders, such as Parkinson’s and Huntington’s, through the strategic partnership.