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Biotech / Medical : Elan Corporation, plc (ELN)
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To: William Partmann who started this subject11/13/2003 9:42:49 PM
From: biostruggle  Read Replies (2) of 10345
 
What is Elan worth?

Myobloc-KM said no development money has been spent in last 18 months. <They've given up on it for cosmetic use.-my comment>

Frova-KM said not spending development money, only promoting. Nice but not going to be a big winner.

Prialt- Filing next year and approval early 05. Not really going to be revenue driver.

R&D Elan needs to get to 250 million level. Currently running at 276 million. Only 1 mil last q was spent on JV's. So some meat has to cut from the bone. 45% is being spent on antegran. Antegran clinical studies for RA are Qued up to go "after" finish Crohns. Elan must feel good about RA, but do not have clinical money to proceed until Crohns done. Crohns delayed. FDA wants another trial. KM points to mid 2004 for new induction trial. Also depends on good result from maintenance study which will have results 2q 2004.

Zonengran- working on-- extended release form.

So it looks like Elan will not have any antegran revenues until probably 2006. MS done end 2004. Submission 1-2 q 2005 with 10-12 month review.

Next 17 months Elan has to spend 1.55 billion in payments by June 2005.

Cash on hand 1.65 bil after everything settles.

300 million additional cash to come from sale of site and drug.

Cash burn 150-250 mil a year.

Maybe positive-- Elan holds onto drug delivery. The question is there going to be growth in royalties here? Not clear from Elans financial statements but it looks live DD is currently bringing in about 25 mil in cash royalties.
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