Elan Sees Sales of $2 Bln by 2003 as New Drugs Get Approved
Bloomberg News
January 10, 1999, 12:59 a.m. ET
Elan Sees Sales of $2 Bln by 2003 as New Drugs Get Approved
San Francisco, Jan. 10 (Bloomberg) -- Elan Corp., Ireland's
No. 1 drugmaker, plans to boost annual sales to $2 billion by
2003 as new drug approvals and acquisitions boost sales of
products it markets on its own.
The Dublin-based company also said at an analysts meeting in
San Francisco that it expects to meet a previously disclosed goal
of $1 billion in annual sales by 2001.
Elan has made a string of acquisitions in the U.S. in the
past few years as it moves to transform itself into a major
drugmaker that develops and sells its own drugs. It started out
selling technology that helps competitors, such as Merck & Co.
and Novartis AG, deliver drugs to the body through systems like
skin patches and time-release capsules.
The company also said it plans to begin this year safety
trials on humans of compounds being studied in mice for their
potential to prevent and treat Alzheimer's disease. Tests to
study the their effectiveness could start next year, Elan
Chairman and Chief Executive Donal Geaney said in an interview.
''We've got something substantial and real to test,'' Geaney
said.
It's taken more than 10 years of early-stage research to get
to that point.
Elan obtained the compounds in 1996, when it acquired
California-based biotechnology company Athena Neurosciences Inc.
In 1988, Athena established a research collaboration with
drugmaker Eli Lilly & Co.
So far, researchers have developed compounds that animal
tests show have the potential to clear and prevent accumulation
of a substance known as amyloid plaque, Geaney said.
Elan has recently said little about the research into
amyloid plaque, which it believes could play a major role in
Alzheimer's disease.
Acquisition Spree
Elan took its first big step into the U.S. market with its
acquisition of Athena. Since then, it's also acquired Neurex
Corp., a developer of drugs for cardio-renal and neurological
diseases; drug-sales company Carnrick Laboratories; drug-delivery
company Sano Corp.; and NanoSystems LLC, the former drug-delivery
unit of imaging-products maker Eastman Kodak Co.
Geaney said his company probably will ''take a rest''
following that buying spree. Instead, it will look to license
drugs in the three areas where Elan is focusing its efforts --
acute care, neurology and pain.
At today's investor meeting, the company also said:
-- In December, Elan submitted an application to the U.S.
Food and Drug Administration seeking approval of a drug known as
NeuroBloc to treat the muscle disorder cervical dystonia.
-- Elan has submitted a complete response to issues raised
by the FDA related to its pending application for approval of the
seizure drug Zonegran, which Elan licensed from Dainippon
Pharmaceutical Co. of Japan.
-- It plans to conduct initial safety tests this year on so-
called cell-trafficking compounds, which are being studied to
treat ailments including multiple sclerosis and asthma.
-- By the end of the first quarter, Elan expects to submit
applications with the FDA for approval of two drugs to treat pain
and migraine headaches.
--Jim Finkle in the San Francisco newsroom (415) 912-2996/jac
|
