Elan dumps Alkermes shares in 'orderly' race to the exit
This article was originally published in Scrip
Executive Summary
Elan has raised $381 million through the sale of 76% of its shares in Alkermes. Elan acquired 31.9 million shares in the new Alkermes and was granted $500 million in cash when it merged its formulation and manufacturing business Elan Drug Technology (EDT) with Alkermes in September 2011 (scripintelligence.com, 19 July 2011). That deal was valued at about $1 billion at closing, implying that Elan has realised neither gain nor loss on its latest transaction.