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.

FincanceSwedenFrance

18.04.2014 Oxthera AB, a Swedish biopharma company with a focus on rare diseases, has gained a SEK70m cash injection to continue its clinical programme for primary hyperoxaluria.

FundingEU

17.04.2014 The European Parliament has given green light to the second Innovative Medicines Initiative with the aim to advance pharmacological research and development, particularly in areas of unmet medical need.

BusinessGermanyFrance

15.04.2014 German flavour and scent specialist Symrise has announced its plans to acquire French pet-food ingredients maker Diana Group for €1.3bn.

BioeconomySpain

14.04.2014 Spanish Neol Biosolutions and the Center for Second Generation Biofuels are starting a partnership to scale-up Neol's waste-to-oil technology.

EvidenceUKSwitzerland

11.04.2014 There is no evidence that neuraminidase inhibitors Tamiflu and Relenza prevent complications of influenza or reduce hospital admissions. In addition, it is unclear whether they can stop the spread of influenza in case of outbreaks, says a report by the Cochrane Collaboration.

BusinessSwitzerlandSpain

09.04.2014 Roche is extending its involvement in the area of point-of-care diagnostics by taking over US company Iquum. In the field of epigenetics, the Swiss pharma company has started a cooperation with the Spanish company Oryzon.

Status ReportSwitzerland

08.04.2014 The Swiss Biotech Report 2014 presented in Zurich sees an encouraging upturn in the country's biotech scene. However, the acceptance of the mass immigration initiative poses a significant threat.

NanobiotechnologyItaly

07.04.2014 Scientists from the University of Udine have designed, produced and tested a prototype for a "DNA origami" nanorobot that can potentially deliver biological activators in-vivo.

EpidemicEUFranceGermanyItaly

02.04.2014 As the Ebola epidemic in Guinea worsens, Europe is deploying the specialists of EMLab to provide diagnostics at the focus of the outbreak.

BioeconomyFranceEU

01.04.2014 The European Commission has approved a French state package aid worth €43m for green chemistry project IEED.

Events

All Events

Partner-Events

München

BioVaria 2014

Frankfurt am Main

7th DVFA Life Science Conference

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • PHARMING (NL)0.53 EUR12.8%
  • BAVARIAN NORDIC (D)14.56 EUR10.3%
  • NICOX (F)2.44 EUR7.5%

FLOP

  • XENETIC BIOSCIENCES (UK)6.00 GBP-14.3%
  • GENFIT (F)22.42 EUR-8.1%
  • DEINOVE (F)12.96 EUR-5.3%

TOP

  • BIOTECH PHARMACON (N)17.50 NOK59.1%
  • WILEX (D)0.92 EUR53.3%
  • E-THERAPEUTICS (UK)28.00 GBP40.0%

FLOP

  • CYTOS (CH)0.17 CHF-93.8%
  • BIONOR PHARMA (N)2.11 NOK-44.9%
  • PROTHENA PLC (IE)28.07 USD-40.8%

TOP

  • SILENCE THERAPEUTICS (UK)256.00 GBP6221.0%
  • IXICO (UK)71.50 GBP810.8%
  • PHARMING (NL)0.53 EUR783.3%

FLOP

  • CYTOS (CH)0.17 CHF-95.8%
  • EVOCUTIS (UK)0.22 GBP-92.5%
  • AGENNIX (D)0.04 EUR-77.8%

No liability assumed, Date: 19.04.2014