Elan spin-off set for listing

Prothena — the former drug discovery division of Irish biotech company Elan — is set to begin life as a stand-alone public company this week through a Nasdaq listing.

Four months ago Elan announced its intention to hive off the business — previously named Neotope Biosciences — in order to focus on its remaining assets, including leading multiple sclerosis treatment Tysabri and the ELND005 drug candidate, which the company is aiming to develop for a number of treatments.

Prothena will focus entirely on early-stage drug development and research.