Elan elaborates on recovery plan. (Breaking News Roundup).(Biopharmaceutical company to focus on neurology, pain and autoimmune diseases)(International Pages)(Brief Article)(Statistical Data Included)

Chemical Market Reporter, August, 2002

Elan Corp. unveiled a recovery plan to restructure itself into a new biopharmaceutical company focused on neurology, pain and autoimmune diseases. Key to the plan was Elan's purchase, for a net $82.5 million, of royalty rights held by Autoimmune Disease Research and Development Corp. Ltd. for multiple sclerosis and Chrohn's disease drug Antegren (natalizumab).

Elan also plans the divestiture of financial assets, noncore businesses, products and assets to raise $1 billion in the next nine months and a further $500 million by the end of 2003. The implementation of a cost reduction program will result in reduced operating expenditure of about $300 million on an annual basis. Further, 1,000 jobs will be cut by December. Banc of America Securities analyst Maria...

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