Elan Corporation announced four transactions collectively representing additional proceeds of approximately $70 million. The transactions are:
The sale of the company’s San Diego office property and the completion of a multi-year rental agreement with the new owner
The sale, subject to certain closing conditions, of Elan Pharma SA, a manufacturing and research and development business based in Mezzovico, Switzerland, to affiliates of a US investment-banking firm, Sanders Morris Harris, together with the associated fast-melt and effervescent intellectual property
The sale of the company’s Segix Italia manufacturing business, based in Pomezia, Italy, to a management buyout team
The receipt of a $25 million milestone payment, pursuant to a previously announced term of the amended transaction agreement between Elan and King Pharmaceuticals, Inc. that was contingent upon ongoing patent exclusivity for SkelaxinÔ (metaxalone).
Elan President and CEO Kelly Martin said, “These transactions are consistent with our strategy of focusing our resources on our core therapeutic focus areas, developing our pipeline, and bringing innovative science to patients. They represent further success in our commitment to reposition Elan for the future.”