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Elan Considers Split, Chairman Retiring

From Associated Press (April 19, 2010)

NEW YORK -- Drug developer Elan Corp. said Monday it may split its drug technology business and said its chairman of the board of directors is retiring.

The company, based in Ireland, said the separation of its Elan Drug Technologies business would create in two publicly traded companies.

"The company’s review will include detailed assessment of the possible separation, including timing, market conditions and the impact on all of its key constituencies," Elan said, in a statement. "The company expects to make a decision whether to proceed in the coming months."

The company earlier this year reported that profits slumped during the final quarter compared with last year, when the Elan recorded a huge tax refund.

It expects a strong performance this year with sales of its multiple sclerosis-fighting drug, Tysabri, growing.

Chairman Kyran McLaughlin is retiring and the company said it is will begin the search for a replacement. McLaughlin will remain chairman until the company can find a successor.

Meanwhile, the company said Bill Rohn resigned from the board.


Posted: April 2010