Elan share value falls

Elan (NYSE: ELN) the Irish pharmaceuticals company, dropped sharply on the Irish stock exchange today, losing more than 50 percent to reach €2.45 in late trading.

Its shares were also hit in New York, dropping from $4.91 to $1.65 compared to $65 a year ago.

Investor concerns about the company's accounts created the downward spiral for the troubled company.

Elan has also made investments in other bio-tech firms that have depleted in value on the markets and its portfolio is due to be revalued soon.

Elan chairman Donal Greaney announced a recovery plan with three priorities: to streamline the company by focusing on its core biopharmaceutial business and selling non-core business and investments, to continue funding its own research and development and to reduce the complexity of its balance sheet.