News

Elan spins off drug discovery
Enlarge image

BusinessIreland

Elan spins off drug discovery

14.08.2012 - The Irish pharma company Elan Corporation plc is to spin off its drug discovery business.

The drug maker will spin off its drug discovery business unit Neotope Bioscience with about 80 employees and US$120m to US$130m in start-up capital from Elan. The remaining core of Elan would employ 90-110 people and would be profitable immediately. It will consist of three main assets: the Multiple Sclerosis drug Tysabri, which had sales of US$1.5 bn last year and is expected to grow by 15 percent annually over the next four years, as well as the small molecule ELND005, a beta amyloid anti-aggregation agent for neuropsychatric indications. Elan will retain its interest in Janssen AI, which in partnership with Pfizer is developing Elan’s Alzheimer’s Immunotherapy Portfolio.

The announcement came only days after Pfizer and Johnson & Johnson pulled the plug on the Phase III development of the Alzheimer drug Bapineuzumab. The move fueled speculation that Elan strives to make itself more attractive as a buyout target. Elan’s CEO Kelly Martin did nothing to mitigate takeover fantasies: „What other companies want to do with regard to looking at our assets or any other assets is up to them - we're all public companies,“ he said. „There are no obstructions that we have put in place or that we seek to put in place.“ Analysts at Jefferies quickly concluded that a buyout certainly appears to be the intended goal here. "Jefferies thinks many will view Elan's announcement as the first step towards making the company more appealing for a takeover by Biogen," the group concluded.

Elan has partnered its drug Tysabri with Biogen Idec, why some analysts believe Biogen may use the opportunity to buy Elan, in a similar way that GlaxoSmithKline recently bought Human Genome Sciences to get full control of lupus drug Benlysta.

http://www.european-biotechnology-news.com/news/news/2012-03/elan-spins-off-drug-discovery.html

Stock marketsEU

29.01.2015 Denmark's Ascendis Pharma has successfully raised US$108m with its upsized NASDAQ IPO, while Irish animal health specialist Nexvet is waiting in the wings.

Contract ResearchEU

28.01.2015 EMA recommends suspending around 750 generic medicines marketed throughout the world after India’s GVK Biosciences is accused of faking bioequivalence studies. Meds considered critically important for patients will remain available.

RegulationEU

21.01.2015 The EMA is asking for comments on how to implement the transparency rules of EU Clinical Trial Regulation, pointing to the new clinical trial portal and database as the main instrument.

Stock marketsEUGermany

21.01.2015 2014 was a record year for biotech companies on the European stock market, with a total of €2.4bn raised in the year - 25% more than in the year before.

ResearchEUUK

20.01.2015 Ebola research projects are set to receive €215m in funding from the European Commission’s IMI2 Ebola+ programme. Among the project partners are vaccine developers Glaxosmithkline, Johnson&Johnson and Merck. 

Stock ExchangeUKDenmarkFrance

16.01.2015 It's time to get used to weekly IPO plans by European biotechs. UK's drug discovery firm Redx Pharma Ltd, established just five years ago, has come of age with their £80m (€105m) IPO plans.

M&ASwitzerland

14.01.2015 Pharma kingpin Roche has launched a billion-dollar transaction for a total of US$1.2bn (€1bn), taking over the majority of US cancer specialist Foundation Medicine.

PoliticsEU

14.01.2015 The European Parliament has backed the legislation allowing individual countries to restrict or prohibit the cultivation of genetically modified crops that have been authorised at EU level.

M&AIrelandUK

13.01.2015 Shire beefs up its rare disease portfolio after acquiring NPS Pharma with the aim of becoming a leading biotech in a US$5.2bn deal. Part of the deal is the US biotech's lead portfolio of gastrointestinal and hormone replacement therapies.

M&ASwitzerlandFrance

09.01.2015 The excitement surrounding CRISPR genome editing shows no sign of abating. This month, Novartis and US biotech Intellia Therapeutics became the first ever biotech-pharma collaboration to use the groundbreaking technology.

Events

All Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • FORMYCON13.90 EUR12.10%
  • MAGFORCE5.10 EUR7.82%
  • SANTHERA103.00 CHF5.64%

FLOP

  • CYTOS0.32 CHF-17.95%
  • CO.DON2.15 EUR-4.44%
  • MEDIGENE3.80 EUR-4.28%

TOP

  • ADDEX3.44 CHF47.6%
  • CYTOS0.32 CHF45.5%
  • FORMYCON13.90 EUR39.1%

FLOP

  • ACTELION100.70 CHF-15.1%
  • MOLOGEN5.72 EUR-13.7%
  • BIOFRONTERA2.02 EUR-12.2%

TOP

  • SANTHERA103.00 CHF2494.5%
  • BB BIOTECH248.45 EUR96.5%
  • FORMYCON13.90 EUR80.5%

FLOP

  • CYTOS0.32 CHF-90.3%
  • 4SC0.82 EUR-50.9%
  • MOLOGEN5.72 EUR-50.8%

No liability assumed, Date: 27.01.2015