Elan sells Athena for $122m

Published: 26-Nov-2002


As part of its continuing restructuring plans, Elan Pharmaceuticals is to sell its 80% stake in Athena Diagnostics to Germany's Behrman Capital for $122m. Elan expects to realise around $82m from the transaction, which should be completed in the first quarter of 2003.

Behrman plans to operate the company as a stand-alone facility at its base in Massachusetts, USA. Athena Diagnostics, a commercial diagnostics laboratory purchased by Elan in 1996 as part of its acquisition of Athena Neurosciences, generated revenues of $36m and operating profits of almost $12m in 2001.

Elan's restructuring plan is aimed at focusing on its most profitable products and projects in neurology, pain management and autoimmune disease.

The company has also completed the sale of Abelcet - an antifungal treatment - to Enzon for $360m.

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