Irish Drugmaker Elan To Spin Off R&D Business

Law360, New York (August 13, 2012, 1:22 PM EDT) -- Irish pharmaceutical company Elan Corp. PLC will spin off its drug research business platform from the company in order to present a more streamlined and profitable financial picture to its investors and business partners, Elan said Monday.

The company plans to complete the spinoff of Neotope Biosciences PLC, which focuses on identifying and developing potential therapies for chronic degenerative diseases, by the end of 2012. Elan will provide Neotope with $120 million to $130 million in startup capital and retain a 14 to 18 percent stake...
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