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.
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by RTT Staff Writer
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