Elan official to leave company

Elan Corporation has announced that Seamus Mulligan, executive vice president of business and corporate development, is leaving the company to pursue other opportunities within the pharmaceutical industry.

Elan said Mulligan will leave on the completion of its recovery plan.

Mulligan joined Elan in 1984, managing the Elan Enterprises business unit since July 2002, when the company announced a recovery plan to restructure its businesses, assets and balance sheet.

In a statement to the Irish Stock Exchange, Elan said Mulligan played a pivotal leadership role in executing this plan, with responsibility for the company's asset divestitures and joint venture restructurings.

The recovery plan resulted in divestiture proceeds of more than $2bn (€1.56bn), $500m (€389m) ahead of the announced target of $1.5bn (€1.168bn).

Elan announced the successful conclusion of the plan and the end of operations for its Elan Enterprises business unit last week.

Elan president and chief executive, Kelly Martin, said: "We appreciate Seamus's many contributions and devotion to Elan, especially in the last 20 months, and wish him well in his future endeavours."