Elan Opts For ATS Acquisition
Dublin, Ireland-based drug delivery specialist Elan Corp has said it intends to exercise its option to acquire 100% of the outstanding stock of Advanced Therapeutic Systems Ltd at a price of $36.00 per share in cash, with a total cost to Elan of $141 million.
ATS was formed in May 1993 and subsequently funded through a rights offering to Elan shareholders. It is funding both drug delivery research using Elan's technologies and New Chemical Entity and drug development research.
Elan, which recently acquired the US company Athena Neurosciences (Marketletters passim), has traditionally focused on drug formulation rather than discovery. However, the signs now are that it is moving more in the direction of discovery and marketing. With the Athena addition, it also acquired a substantial specialist sales force. Elan is due to discuss its business with Wall Street analysts this month.
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