Elan raising $500 million in senior notes

7 February 2001

Ireland's Elan Corp has announced that its wholly-owned US subsidiary,Athena Neurosciences Finance, is to offer approximately $500 million worth of subordinated senior notes.The notes, to be guaranteed on a senior unsecured basis by Elan, are part of $2.5 billion of debt securities that Elan and Athena filed to sell from time to time. The net proceeds from the offering of the senior notes are expected to be used for general corporate purposes, the company said.

....sets up JV with NewBiotics

Meantime, Elan is establishing a joint venture with San Diego, USA-based NewBiotics to develop and commercialize the latter's lead drug, NB1011, a potential treatment for patients with colorectal cancer who have not responded well to standard chemotherapy. As part of the deal, Elan has made an undisclosed equity investment in NewBiotics, in exchange for commercialization rights to the drug in the USA, Canada and Europe. In addition, the joint venture will receive certain rights to utilize Elan's NanoCrystal technology.

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.

Login to your account

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





Today's issue

Company Spotlight