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Biotech / Medical : Elan Corporation, plc (ELN)
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To: Icebrg who wrote (1450)7/20/2002 7:19:27 AM
From: Icebrg  Read Replies (1) of 10345
 
There has been some development in the Xcel area (as noted by Stuart Silen on the Biotech News thread)

Message 17709319

The company's development is not without interest for Elan watchers as there seems to have been a substantial involvement from Elan's side in the creation of the company.

It is primarily staffed by people with a background - directly or indirectly - at Elan.

Xcel's first two products Diastat and Mysoline were acquired from Elan for $150 million, of which $99 million was borrowed from ELN.

Elan used to hold 16,2 % of the equity in the Xcel and was also about to participate in the planned IPO for Xcel.

Elan provided a 10 mUSD credit line to Xcel which was supposed to be quickly utilised.

All of which seems rather crazy considering that the sales figures for the two products seemed very limited.

It will be very interesting to see if, how and with how much Elan manages to recover some of the outstanding long-term debt that Xcel evidently owes Elan. 100 mUSD is a fair chunk of the 1.000 mUSD Elan hopes to raise over the next 9 months or so.

In that context it was positive to note that Xcel has managed to raise new capital despite their heavy indebtness to Elan. I wonder if Elan had to make any commitments with regard to if and how they expect the loan to be repaid.

Ice
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