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Strategies & Market Trends : Picks you can sleep on.

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To: MIKFREE who wrote (2159)	3/6/2000 8:13:00 AM
From: Atticus	Read Replies (1) of 2241

dailynews.yahoo.com Monday March 6 7:34 AM ET Irish Elan Buys Liposome in $575 Mln Deal DUBLIN (Reuters) - Irish pharmaceuticals group Elan Corp Plc said on Monday it had agreed to buy U.S. Liposome Company Inc to help build up its presence in oncology -- the study of tumors. Elan, listed in New York, Dublin and London, said Liposome shareholders would receive 0.3850 of an Elan American Depositary Share for each Liposome common share in an all-share deal which values Liposome at around $575 million, or $15.28 per share, based on Friday's closing prices. Elan said it expected the deal to be accretive to earnings in 2001, excluding an unspecified one-off charge representing a write-off of acquired in-process research and development. ``Elan has identified oncology as its next therapeutic area of interest. Liposome enables Elan to enter that market with a platform from which we intend to develop an oncology business through product and strategic acquisitions,' Chief Executive Donal Geaney said in a statement. Geaney said Liposome would complement Elan's existing oncology operations and could help market Elan's ziconotide drug, used for the treatment of severe chronic cancer pain. Elan said the deal valued Liposome shares at $15.28 each, before a cash payment of up to $98 million, contingent partly on the approval of Liposome's Evacet breast cancer drug for the European Union and certain sales milestones in the U.S. Liposome shares closed on Friday at $14 3/8. E-mail this story \| Printer-friendly format

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