Elan makes €85m sale to aaiPharma

Pharmaceutical company Elan is to sell four main products and related assets to aaiPharma Inc for $100m (€85m), subject to regulatory approval.

This includes a cash payment of $51.6m and a $3m payment for product inventory.

The balance will come from aaiPharma assuming $51.4m of Elan’s product related payments and the deal is expected to go through in the last quarter of 2003.

Commenting on the deal, Kelly Martin, President and Chief Executive Officer, of Elan said: “The proceeds from the sale of these pain products are part of our previously announced asset divestiture plan and overall plan to simplify and refocus the company.”

Yesterday, Elan submitted its six month interim results for 2003.