logo
Share SHARE
FONT-SIZE Plus   Neg

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

Irish drugmaker Elan Corporation, plc (ELN) 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), 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
Poultry giant Sanderson Farms has blamed the national anthem protests in National Football League for its lower sales for the fourth-quarter and full year. Sanderson Farms, which is one of the biggest chicken providers in the US, said that NFL protests involving players taking a knee during the national... Amazon would reportedly sell Google's Chromecast streaming adapter for this Christmas. The online retailer giant has banned the product from its site for the last two years and has presumably settle the issues. Though the product is not available for sale, it has listed 4K-capable Chromecast Ultra adapter. Europe's no-frills airline Ryanair recognized pilot union for a smooth holiday season ahead. The airline had a discussion with its pilots union in Britain, Germany, Italy, Spain, Ireland, Portugal to iron out the issues. The pilots working for Ryanair have been enjoying different status and many of them were reportedly not in the rolls as full timers.
comments powered by Disqus
Follow RTT