Elan seeks to rebuild its asset portfolio

Elan has around $2 billion (€1.54bn) to spend on investments as it looks to rebuild its asset portfolio following the sale of its headline asset and revenue generator Tysabri.

The company’s management told analysts yesterday that it has held a number of discussions with companies and will finalise some of these discussions in the near future. The Dublin-based biotechnology firm has been looking at a number of options ranging from asset purchases, investments and/or company acquisitions.

The money — in cash and cash equivalents — is largely as a result of the sale of its 50% stake in leading multiple sclerosis drug, Tysabri, and a $1bn share buyback programme and gives Elan “substantial capacity to execute on transactions to diversify our business and grow shareholder value”.