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

To: Biotech Jim who wrote (10144)	5/5/2009 6:51:54 AM
From: tom pope	1 Recommendation Read Replies (1) \| Respond to of 10345

Relevant to your msg, but please note the date Elan's stock rises on rumor of Lundbeck bid March 26, 2009 — 12:31pm ET \| By Maureen Martino Elan's stock is on the rise as rumors circulate that the Dublin-based developer could be the target of a takeover attempt by H. Lundbeck. For some time now, Elan has been harshly criticised for its handling of Tysabri side effects, disappointing trial results, and other management issues. In January Elan hired Citigroup to evaluate its "strategic options," which could include a merger or the sale of the company, and just last month the company cut 230 workers as part of a cost-management plan. "There is a rumour going around on the market that Lundbeck may be making an €8 euro bid for Elan this evening," Manus Cranny, senior market commentator at MF Global in London, told the Independent. "There may be some substance to it as we are seeing corporate bonds ticking slightly higher which is an indication of some action in the stock." Elan's stock has climbed 43 percent in the last five days, according to the paper. Both Lundbeck and Elan are neurology-focused companies, which would make Elan an attractive target for the Denmark-based company. Lundbeck recently purchased Ovation Pharmaceuticals for $900 million in cash.