Abstract
Flush with money after having sold most of its assets, the Irish drug company Elan is remaking itself through acquisitions and investments. It’s a gutsy undertaking, and it could be thwarted by another company seeking to buy Elan for its cash and future royalties. Under CEO G. Kelly Martin, Elan has been laying off staff, selling businesses, and paying down debt since 2009. Martin, a former Merrill Lynch executive who is known as a deal maker, had announced plans to leave the company in 2012, but Elan has kept him at the helm. And his stream of deals continues. The latest moves, announced last week, are to acquire the Austrian firm AOP Orphan Pharmaceuticals and an interest in NewBridge Pharmaceuticals, a Dubai-based specialty pharma company. Elan also formed Speranza Therapeutics to continue development of a late-stage neurology drug. In mid-May, Elan paid Theravance $1.0 billion for a 21% stake in ...
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