Life sciences-focused investment firm Malin has invested $35m (€31m) for a minority stake in US-based drug development firm Melinta Therapeutics.

Shares in newly-formed Irish investment firm Malin closed up 6% at the end of its first day’s trading in Dublin yesterday.

Malin, the Irish-backed investment firm targeting privately-owned life-science companies, has surpassed its initial funding hopes, by raising up to €330m in what is being viewed as one of Europe’s largest ever IPOs for the life sciences market.

Malin, an Irish company set up by a number of former Elan executives to invest in privately held life science assets, plans to raise between €275m and €325m in one of Europe’s biggest biotechnology IPOs.

US drugmaker Perrigo moved a major step closer to acquiring Dublin-headquartered biotech firm Elan yesterday with shareholders in both companies approving the takeover at separate investor meetings.

The first full quarterly benefit of royalty payment arrangements regarding leading multiple sclerosis drug Tysabri helped Elan record adjusted earnings of $12.1m (€8.8m) in the three months to the end of September.

Irish biotechnology company Elan is to be bought by Perrigo — the leading maker of generic over-the- counter drug products in the US — for $8.6bn (€6.5bn).

Elan has said it is focused squarely on exploring a sale of the company, but has offered no potential transaction timeframe, nor hinted at any bid deadlines.

Dublin-headquartered biotechnology company Elan has posted an income of $2.28bn (€1.7bn) for the second quarter of 2013, compared to a net loss of $28.5m for Q2 in 2012.

As much as $2bn (€1.5bn) could be wiped off Elan’s market value if its shareholders reject US firm, Royalty Pharma’s takeover advances next week, brokers have claimed.

Royalty Pharma has raised its offer to buy Elan after the Irish drug maker announced several acquisitions to boost revenue and resist the bid.

Elan agreed to pay $1bn (€770m) for a share of the royalties on new drugs from Theravance as it tries to persuade shareholders to spurn a takeover offer by Royalty Pharma.

Elan Corp considered buying New York investment firm Royalty Pharma last year, about six months before Royalty Pharma turned around with an acquisition proposal for Elan that’s now valued at about $5.7bn (€4.33bn).

Elan has around $2 billion (€1.54bn) to spend on investments as it looks to rebuild its asset portfolio following the sale of its headline asset and revenue generator Tysabri.

Elan’s chief executive Kelly Martin was paid just over $2.3m (€1.78m), last year — 20% less than in 2011.

Elan has sweetened the terms on offer to shareholders under its $3.25bn (€2.5bn) disposal plan, as it aims to stave off an approach for the company from US investment firm Royalty Pharma.

Elan is set to return $1bn (€760m) to shareholders — roughly a third of the money it is due to receive from selling its stake in multiple sclerosis drug Tysabri.

Directors pay at Irish drug firm Elan fell by over $700,000 (€520,000) last year, with chief executive Kelly Martin taking a 24% pay cut.

Elan has announced a restructuring of its multiple sclerosis drug Tysabri deal with Biogen Idec, under which Biogen will fully own and control of the drug.

Restructuring costs have resulted in Elan showing a net loss of $216.2m (€167m) for the third quarter of 2012 — a period which, last year, generated net income of $3.5m.

Management at Irish drug company Elan has downplayed talk of the business being “dolled-up” as a potential acquisition target.

Elan is to hive off its drug discovery division Neotope Biosciences and continue as a profitable standalone company — a move which has heightened speculation that it is trying to position itself as a takeover target.

Elan has reported an 11.2% year-on-year rise in first-half revenue, to $576.4 million (€474m); but came up short of market estimates in the second quarter of the year.

Pharmaceutical company Elan today announced funding for two scholarships and an annual lecture series at University College Dublin (UCD).

By the end of the year, Elan should have a clearer idea if its most prominent in-trial treatment for Alzheimer’s disease has a commercial future.

Better-than-expected sales of multiple sclerosis drug Tysabri boosted first-quarter revenue at Irish drug company Elan by 17% to over $288m (€218m).

Pharmaceutical giant Elan today reported a 17% revenue increase resulting in a net loss from continuing operations of $31.8m (€24.08m) in its first-quarter 2012 financial results.

ELAN is aiming to double its revenues to about $2.5 billion (€1.78bn) and the number of patients using its multiple sclerosis treatment Tysabri over the next five years.

IRISH pharmaceutical company Elan is to re-balance its share offering; by making its presence on the New York Stock Exchange (NYSE) its primary listing and Dublin’s ISEQ its secondary listing.

ELAN is hoping to double its share of the multiple sclerosis treatment market, — through its headline drug, Tysabri — to 20%, within the next four years.

ELAN has taken a 24% stake in US firm Proteotasis Therapeutics and said that it is likely to do another licensing deal within the next six months.

ELAN has agreed to sell its Athlone, Co Westmeath- based drug delivery unit EDT (Elan Drug Technologies) to US firm Alkermes for nearly $1 billion in a cash and equity deal.

ELAN is anticipating its full-year earnings for 2011 will beat its previous $200 million (€138m) guidance.

THE head of Irish pharmaceutical company Elan received a $1 million (€725,000) bonus last year, but the Dublin and Athlone-based company still slightly decreased its total remuneration outlay to directors.

THE head of Irish pharmaceutical company Elan received a $1 million (€725,000) bonus last year, but the Dublin and Athlone-based company still slightly decreased its total remuneration outlay to directors.

IRISH pharmaceutical group Elan saw its net loss widen significantly — due to a one-off cost — last year, but also posted its first operating profit for almost a decade.

Drug maker Elan posted a 2% fall in revenue for the quarter ended September 30, with total revenue of $281.4m (€203.6m) for Q3 2010 down on the figure of $287m (€207m) for the same period last year.

ELAN has shelved plans to spin-off its Athlone-based drug delivery business EDT due to negative market conditions.

IRISH pharmaceutical company Elan has said that it remains on course to achieve record revenue growth and EBITDA of more than $150 million (€116m) in 2010, despite posting a $215m (€167) net loss for the first six months of the year.

KELLY MARTIN is to stand down as chief executive of Elan in two years’ time, meaning that the drug company will by then have a new head and chairman in place to guide its next stage of development.

A POSITIVE mix of strong employment figures and retail sales data from the US had a domino effect on the international markets yesterday, with concern over the health of the global economy lifting somewhat.

Elan CEO Kelly Martin is to leave the pharmaceutical giant in two year’s time, it was announced today.

A DECISION regarding the future status of Elan’s drug-delivery business – Elan Drug Technologies (EDT) – may not be made until next year.

ELAN is expected to arrive at a decision regarding the future status of its drug delivery division, EDT, before the end of the summer – with a separate stock market listing the likely outcome.