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Pharmaceutical

Elan said mulling separate listing for EDT unit

June 12, 2008
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According to Reuters, Irish drugmaker Elan is likely to separately list its development and manufacturing division Elan Drug Technology (EDT), worth up to $1.5 billion (757 million pounds), if it goes ahead with the spin-off.

The newspaper had reported in February that Elan was considering splitting its bio-pharmaceuticals arm, which markets its flagship multiple sclerosis drug Tysabri, from EDT.

EDT is likely to seek a listing in America and in London or Dublin, with the flotation coinciding with Elan''s biopharma business breaking even for the first time, funded by rising sales of Tysabri, the Sunday Times said without naming its sources.

According to the paper, Elan has received some inquiries from potential trade and private equity buyers about EDT, but no firm offers yet.

It quoted Chief Financial Officer Shane Cooke as saying that a trade sale was possible, though there wasn''t a long list of potential buyers.

A company spokeswoman told Reuters that Elan had no comment on speculation.

The Sunday Times said Elan was waiting for publication of data on its Alzheimer''s Disease research in July before making a final decision on the spin-off.
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