Elan Acquires Sano In Deal Valued At $375 Million

17 December 1997

Elan Corp, the international pharmaceuticals group based in Dublin,Ireland, is acquiring Sano Corp of the USA in an all-stock transaction which values Sano at $35.50 per share or approximately $375 million.

Under the terms of the agreement, each common share of Sano will be exchanged for 0.65 of an Elan American Depositary Security. After a one-time charge for the write-off of in-process R&D, Elan has said it expects the deal to be earnings neutral in 1998.

Strong Product Pipeline Sano, a developer of proprietary transdermal drug delivery systems, has no marketed drugs but received US Food and Drug Administration approval for one generic transdermal product in 1997. It currently has a portfolio of 15 products in various stages of development.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK

Companies featured in this story

More ones to watch >

Today's issue

Company Spotlight

Ironwood is a US-based biotech advancing a pipeline of medicines in multiple areas of significant unmet need, including irritable bowel syndrome with constipation ((IBS-C)/chronic idiopathic constipation (CIC), vascular and fibrotic diseases, and refractory gastroesophageal reflux disease, among others.