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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (3337)	10/2/2002 7:28:39 AM
From: nigel bates	Read Replies (1) \| Respond to of 10345

A speculation - did Elan buy back any bonds after Monday's announcement and prior to the Abelcet sale announcement ? The timing of the announcements, and the tone of Monday's writedown statement does prompt the question.

To: Icebrg who wrote (3337)	10/2/2002 1:47:02 PM
From: sjemmeri	Respond to of 10345

These lines were in another version of this story: Arnold Higgins, Enzon's chairman and chief executive, said the deal was "complementary" for his company and he might seek to make more deals with Elan. "We will continue to monitor the situation," Higgins told Reuters. "Clearly we now have a relationship with Elan."

To: Icebrg who wrote (3337)	10/3/2002 3:40:17 AM
From: Icebrg	Read Replies (1) \| Respond to of 10345

Elan Sells Its Actiq Rights to Cephalon for $50 Million in Cash Thursday October 3, 2:00 am ET DUBLIN, Ireland--(BUSINESS WIRE)--Oct. 3, 2002--Elan Corporation, plc (NYSE: ELN - News; "Elan") today announced that Elan Pharma International Limited, a subsidiary of Elan, has sold its rights to Actiq(TM) (oral transmucosal fentanyl citrate) (C-II) in twelve territories, principally in Europe, to Anesta Corp., a subsidiary of Cephalon, Inc. (NASDAQ: CEPH - News; "Cephalon"), for $50 million in cash. "The proceeds from the sale of the Actiq rights once again demonstrates our commitment to maximise the value of our assets. The proceeds from the sale will form part of Elan's targeted proceeds from the divestment of assets as outlined in our recovery plan," commented Dr. Garo Armen, chairman of Elan. Actiq is currently marketed by Elan in the United Kingdom, where it was launched in January 2001, and in Ireland and Germany, where it was launched in the second quarter of 2002. In the first six months of 2002, Elan recorded net revenue and gross profit for Actiq of $0.8 million and $0.5 million, respectively. The carrying value of the Actiq intangible asset as at August 31, 2002 amounted to $8.4 million. Actiq is approved in Ireland, the United Kingdom, and Germany for the management of breakthrough pain in patients with malignancies who are already receiving and who are tolerant to opioid therapy for their underlying persistent cancer pain. Elan originally had acquired Actiq rights in these twelve territories from Anesta in December 1999. Cephalon acquired Anesta in October 2000 and already markets Actiq in the United States.