Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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.

Click here to receive FREE breaking news email alerts for Elan Corp PLC and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
This apparel maker has doubled its earnings per share in just two years and increased its annual earnings forecast from time to time, despite a challenging consumer spending environment. Contributions from acquisitions, efficiency gains from self-owned global supply chain and benefits from 'Innovate-to-Elevate' strategy continue to boost the company's results. Here is a quick summary of the earnings reported after the bell on Nov 20. We have 20+ stocks listed here. The good news is you can skip this step. There is a next move that can make your life a lot easier. Our research team has already done the groundwork for you. All these stocks listed... Design software maker Autodesk, Inc. said Thursday after the markets closed that its third quarter profit fell 81% from last year, as higher costs and expenses more than offset an 11% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.