Elan reaches agreement with Amarin over debt

UK company Amarin and Elan have reached agreement about the $46.4m (€40.8m) debt owed by Amarin.

Amarin has agreed to pay Elan $30m (€26.4m) in cash no later than 31st December, 2003 and also will pay $10m (€8.8m) in equity when Zelapar annual sales reach $20m (€17m).

Amarin will also continue to pay a 12.5% royalty on future sales of Zelapar. Further details of the agreement concern payment of the debt should Amarin fail to comply with these terms.

Zelapar, presently in the development pipeline, is a MAO-B inhibitor, a potential adjunct therapy for Parkinson's disease.