Elan to review strategic business alternatives
Elan Corporation, a neuroscience-based biotechnology company, has engaged Citigroup Global Markets to conduct a review of its strategic alternatives, which could include minority investment, or a strategic alliance, merger or sale.
Elan Corporation, a neuroscience-based biotechnology company, has engaged Citigroup Global Markets to conduct a review of its strategic alternatives, which could include minority investment, or a strategic alliance, merger or sale.
The goal is to secure access to the necessary financial resources and commercial infrastructure to allow Elan to accelerate the development and commercialisation of its product portfolio while maximising shareholder value.
Kyran McLaughlin, Elan chairman, said: "We recently concluded our annual review of the company's scientific capabilities, clinical portfolio, and commercial opportunities in Alzheimer's, Parkinson's, and multiple sclerosis. Our progress to date has been significant. Given our many scientific, clinical and commercial opportunities and the capabilities of the industry participants that surround us, the board of directors has determined that this is an appropriate time to explore potential alternative paths forward for the company."
Elan said it would complete its review of potential alternatives as promptly as practicable. It has no plans to release additional information about the status of the review of alternatives until a definitive agreement is entered into or the process is otherwise completed.