Elan to close offices in New York and Tokyo

Dublin-headquartered pharmaceutical company Elan is to close its offices in New York and Tokyo as part of a "resource realignment" which the company says is aimed at putting more resources into research and development.

In a statement the company said that "a number of positions" would be eliminated as part of the move. The company's Irish operations in Dublin and Athlone were however not believed to be affected by the cuts.

'We continually evaluate our pipeline, product portfolio, and company structure with a goal of maintaining our flexibility and ability to invest in the most valuable product opportunities for patients while driving value for our shareholders,' said CEO Kelly Martin.

Elan shares trade on the New York, London and Dublin Stock Exchanges. The company employs around 1,700 worldwide.