Elan takes on Citigroup to consider options
Irish biotechnology company Elan has hired Citigroup to consult on the possible sale of the company in the wake of its lead drug Tysabri (natalizumab; Marketletters passim) being linked with cases of a rare brain disease.
The firm noted that the range of alternatives that will be assessed could include minority investment, strategic alliance, a merger or sale. Shares in the firm rallied 14% to 6.76 euros on the day of the news, January 13.
Elan's share price has fallen over 70% since July as four further cases of progressive multifocal leukoencephalopathy were reported in Tysabri patients during 2008. The drug was pulled from the market in 2005 and only relaunched under restricted sales conditions a year later.
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