Elan makes an innovative move once again

Drug company Elan is, without doubt, the phoenix of the Irish stock exchange. Not for the first time, it has set out on a path of reinvention.

24th February, 2013
Kelly Martin, chief executive of Elan. Photo: Bloomberg

Drug company Elan is, without doubt, the phoenix of the Irish stock exchange. Not for the first time, it has set out on a path of reinvention after selling its stake in multiple sclerosis (MS) drug Tysabri for $3.25 billion.

Last week, Elan shares shot up after it announced a $1 billion repurchase programme. That will be financed by the Tysabri deal, an announcement which, earlier this month, caused the share price to plunge.

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