Elan plans to retire $500 million of debt; says time not right to sell EDT; updates on Alzheimer's drug
Irish drugmaker Elan Corp announced this morning that it will retire up to $500 million in outstanding debt due to mature in November 2011 and November 2013, through a combination of cash on hand and proceeds of a contemplated refinancing.
It also said that the recent review of its operations concludes that it makes strategic and financial sense to sell the Eland Drug Technologies (EDT) business, but current market conditions are not conducive to an appropriate valuation and so they will not look to sell at this stage.
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