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Biotech / Medical : Elan Corporation, plc (ELN)
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To: William Partmann who wrote (3065)5/23/2003 4:26:59 PM
From: Icebrg  Read Replies (2) of 10345
 
Bill's list - update.

Back in August (when the share price incidentally was 1,78) Bill put forward his wish list for the Elan re-incarnation effort. It would be interesting to have his take on the list as we stand today. Meanwhile here is mine:

Here's what I [i.e. Bill] think Elan has to do to unlock value:

1. Resolve the SEC audit.

My guess is that Elan is working very hard to have this matter resolved, but that this file hasn't got the highest priority at SEC. They have been thinking for over a year now. With no visible output.

2. Dodge the poison put issue.

That has been done. At a substantial cost to the company. The question is now if they will be able to do something more creative than just handing over the cash. As with everything else, a lot will depend on what Antegren will look like. It may turn out that Antegren is not only good for curing stomachs, but also balance sheets.

3. Get a RESPECTED CEO with experience in running a Pharma company, not a person who started a no-profit biotech or an accountant.

Clearly a complete failure (seen from Bill's perspective). If the new guy isn't another accountant, he is at least something very close to one.

4. Revamp the Board of Directs.

Not done. Should be done.

5. Fire their investment bankers who probably planted the seeds in Geaney of buy now pay later.

This was done almost immediately.

6. Mend the fences with the FDA. If a Skelaxin generic comes out early, you know that the FDA is pissed at Elan.

Judging from what has happened with Skelaxin the fence is at least on the mend.

7. Simplify the accounting.

They are working on it - (they say).

8. Clean out the upper management.

No major changes since last August, as far as I am aware.

9. Hire someone competent in marketing strategy.

There is soon nothing left to sell. Not a priority at present. Having said so toungue-in-cheek, I have the impression that they have been holding up sales relatively well during this difficult period. The morale in the sales force cannot have been the very best.

10.Repair the IR department.

No, nothing has changed really. Apart from the fact that the quarterly reports take about twice the time to read through.

11. Have a raising revenue stream from drugs not fancy accounting.

See above.

12. Have a successful drug launch.

But first they must have a drug to launch. Avinza was sold to Ligand and Frova. Well, there are still questionmarks.

Now Bill - it is your turn.

Erik
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