logo
Share SHARE
FONT-SIZE Plus   Neg

Elan Raises $381 Mln In Sale Of 76% Of Alkermes Holding

Irish drugmaker Elan Corporation, plc (ELN: Quote) said Tuesday that it has raised about $381 million in net proceeds from the sale of 76%, or 24.15 million ordinary shares, of its shareholding in Alkermes plc (ALKS: Quote), net of underwriter fees. Elan noted the proceeds further strengthen its cash balances and capital structure.

In September 2011, when Elan combined its Elan Drug Technology business with Alkermes Inc., Elan received $500 million in cash and 31.9 million ordinary shares in the newly created Alkermes plc.

After Tuesday's transaction, Elan continues to own 7.75 million Alkermes plc ordinary shares, which are subject to legal and contractual transfer restrictions.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
H&R Block, Inc., the largest U.S. tax preparer, said Wednesday after the markets closed that its third quarter loss narrowed sharply from last year, as revenue surged due to an earlier opening of the Internal Revenue Service's e-file system this tax season. The company's quarterly loss per share also smaller than analysts estimated, but its quarterly revenue fell short of analysts' forecast. Microsoft co-founder Paul Allen's maritime plunge took an exciting yet somber turn, after he found the wreck of a once-feared World War II Japanese battleship that met its doom by enemy torpedoes decades ago near the Philippines. A new study reveals that more large companies in the U.S. are run by men with the names John, Robert, William or James than the total number of women CEOs. For each women CEO of S&P 1500 companies there are four men CEOs named John, Robert, William or James, according to a study conducted by the New...
comments powered by Disqus
Follow RTT