Elan puts anti-infective drugs on sale

EMBATTLED pharmaceutical firm Elan Corp has put its three anti-infective drugs up for sale but is unlikely to conclude a deal before the end of the year, sources close to the situation are saying.

Last week Elan said it had appointed investment bank Morgan Stanley to advise it on asset disposals through which it hopes to raise $1.5 billion by the end of 2003. It didn't say which assets would be sold.

But sources said Morgan Stanley had begun to prepare offer documents on the hospital drugs - Abelcet, Azactam and Maxipime - which would be sent out to prospective buyers. Elan, which hopes the three injectable medicines will fetch at least $750 million, expects to receive first round bids in November.