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

M&AUKItaly

17.10.2014 One of the biggest pharma mergers of the year has been called off. Abbvie has dropped plans to acquire UK’s Shire following new US tax rules.

FinancingUKBelgium

15.10.2014 Bicycle Therapeutics wins €25m backing by major pharma venture capitalists for the development of a new class of oncology drugs.

FinancingGermanySwitzerlandNetherlands

13.10.2014 Biotechnology IPOs are back in fashion – German Probiodrug AG wants to raise €32m with its IPO, whilst Swiss Molecular Partners AG hopes the launch of its IPO will gain a revenue of €145m.

BusinessIreland

10.10.2014 Actavis has announced plans to merge with American pharma company Durata - a move that will strengthen their infectious diseases portfolio.

RegulationEU

07.10.2014 In an unprecedented move, the European Medicines Agency has approved a system allowing the future analysis of clinical trial data.

FinanceNetherlandsEU

06.10.2014 Another fund from the Netherlands has raised €92m in its first close and will invest the money in companies developing innovative therapeutics, medical devices and diagnostics.

FinanceNetherlandsUKSwitzerland

03.10.2014 Dutch venture capitalist LSP has achieved its monetary milestone by raising €80m for its fifth fund - with a goal of €150m.

PoliticsEULithuaniaPoland

02.10.2014 New EU commission chief Jean-Claude Juncker is on the defensive after members of Parliament and NGOs criticised his reorganisation of the health technology units.

EbolaEUFrance

30.09.2014 In the face of the Ebola outbreak sweeping the West African countries, the EMA has started to review investigational treatments for the deadly virus disease.

FinancingSwitzerlandGermanyNetherlandsFrance

26.09.2014 Biotechnology has made the news in the stock market this month, as a wave of companies announced plans to launch IPOs on European exchanges later this year.

Events

All Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • 4SC0.88 EUR0.00%
  • ACTELION98.55 CHF0.00%
  • ADDEX3.20 CHF0.00%

FLOP

  • CYTOTOOLS31.45 EUR-0.47%
  • 4SC0.88 EUR0.00%
  • ACTELION98.55 CHF0.00%

TOP

  • BIOFRONTERA2.84 EUR29.1%
  • ADDEX3.20 CHF3.2%
  • CYTOTOOLS31.45 EUR0.0%

FLOP

  • CYTOS0.15 CHF-37.5%
  • PAION2.16 EUR-29.2%
  • MOLOGEN5.53 EUR-28.2%

TOP

  • SANTHERA80.55 CHF2088.9%
  • CO.DON2.44 EUR149.0%
  • PAION2.16 EUR134.8%

FLOP

  • CYTOS0.15 CHF-96.2%
  • 4SC0.88 EUR-50.0%
  • THERAMETRICS0.07 CHF-50.0%

No liability assumed, Date: 19.10.2014