Elan Completes Sale of Abelcet
DUBLIN, Ireland--(BUSINESS WIRE)--Nov. 22, 2002--Elan Corporation, plc (NYSE: ELN) ("Elan") today announced the completion of the sale of its United States, Canadian and any Japanese rights to Abelcet(TM) (injectible amphotericin B lipid formulation), and certain related assets to Enzon, Inc. (NASDAQ: ENZN).
Elan has received a net cash payment of $360 million from Enzon representing the total consideration, after agreed price adjustments, for the transaction that was previously announced on October 2, 2002. The entire proceeds from the sale will form part of Elan's targeted proceeds from the divestment of assets as outlined in its recovery plan.
Elan is focused on the discovery, development, manufacturing, selling and marketing of novel therapeutic products in neurology, pain management and autoimmune diseases. Elan shares trade on the New York, London and Dublin Stock Exchanges.
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