Elan sells Myobloc rights

ISEQ-listed Elan Corporation today announced that it has completed the sale of its worldwide rights to Myobloc/Neurobloc injectable solution to Solstice Neurosciences a newly-formed company focused on the development, manufacturing, sales and marketing of specialty biopharmaceutical products.

Included in the sale are the related intellectual property, the product inventory, and the manufacturing facility.

The associated manufacturing employees will be offered the opportunity to continue their work with Myobloc as employees of Solstice.

The financial terms of the transaction were not disclosed.

Myobloc was developed by Elan and is currently approved in the US, Canada and Europe for the treatment of cervical dystonia to reduce the severity of abnormal head position and neck pain.

Elan begins its day on the ISEQ at €20.42.