Elan Sells Swiss and Italian Sites
Dublin - The Irish biopharmaceutical group Elan has raised some $70 million from new deals and milestone payments. Elan received $25 million from King Pharmaceuticals for renewing patent exclusivity for Skelaxin (metaxalone) a small molecule drug against acute, painful musculoskeletal conditions. Additionally Elan agreed to sell Elan Pharma SA, a manufacturing and R&D business in Mezzovicco, Switzerland, to affiliates of the U.S. investment bank Sanders Morris Harris. Finally Elan also sold the manufacturing business of Segix Italia to a management buyout team. Elan President and CEO Kelly Martin said, “These transactions are consistent with our strategy of focusing our resources on our core therapeutic focus areas” in neurology, pain management and autoim-mune diseases.