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Biotech / Medical : Elan Corporation, plc (ELN)
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To: William Partmann who wrote (652)11/10/1999 4:07:00 PM
From: Gary Korn  Read Replies (2) of 10345
 
The following is a very interesting post from the YHOO board. I'm trying, now, to get a number from MER in case the call was taped.

Incidentally, a $15B offer for ELN would be $57/share:

re: Zonegran, et al
by: dgher 11/10/1999 3:52 pm EST
Msg: 3760 of 3760

I listened to a Merrill Lynch sponsored call (Dick Vietor) with Donal Geaney and Tom Lynch yesterday. To clear up a couple of things I have seen posted here, Zonegran has been approved and labeling discussion is down to 2 or 3 items. There is a 6 month review window for the FDA to respond and they are nearing the end (if it doesn't happen this Q then very early next). They have pre-submitted pieces of the Ziconotide NDA and the FDA has, so far, been responding the way they said they would when they asked for the additional 300 patients to be included. This gives ELN a high level of confidence that they will have a 4Q filing with expedited review. In response to accounting issues, they (as peviously disclosed) plan to buy back Axogen and Neurolab this quarter. AD vaccine is on track and European authorities have indicated posibility of a multiple dose Phase I instead of single dose. I asked about acquisition parameters (dilutive, etc.) and they said they weren't keen on doing dilutive acquisitions (spent a lot of time with investment community defending Athena acquisition when it happened). If the shoe were on the other foot and they were approached, they would have to consider a proposal, but given the Alza/Abbott deal it would have to be considerably higher (figure towards $15 bil). IMO, the company is simply frustated with the stock price and is being proactive to talk about what is really going on at the company.
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