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How Elan's revamp hinges on Tysabri, Wall Street interest in preclinical Neotope
Another cut at Elan
Monday, August 27, 2012
Corp. plc says spinning out its drug discovery and preclinical assets
will give investors a choice - a profitable Elan with a growing revenue stream
from autoimmune drug Tysabri natalizumab, or a pure-play science company. The
question is whether splitting the company will unlock value or magnify the
problems of each half.
Elan this month announced plans
to focus on late-stage programs and spin out its discovery business into Neotope
Biosciences plc. The newco will be public, with four preclinical programs. Elan
will hold a 14-18% stake and seed Neotope with about $120-$130 million, which
may not be enough to get the newco into the clinic.
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