Inhale Therapeutic Systems Inc. had the legs cut from under its bid for drug delivery play Quadrant Healthcare plc last week, as Elan Corp. plc made a counter-offer for QTH, in which it already holds a stake. While neither INHL nor ELN would talk about their plans, the deal could be more important for INHL to leverage its core pulmonary delivery platform; by contrast, ELN already has assembled a diversified portfolio of delivery technologies.

On Friday, ELN (Dublin, Ireland), which already owns 7.2 percent of Quadrant (LSE:QTH, Nottingham, U.K.), offered 75p per share, valuing QTH at £52.3 million ($75.9 million). Earlier in the month, INHL offered