Elan to raise $500 million

Drug delivery and neurology play ELN said its Athena Neurosciences Finance subsidiary will file to raise $500 million worth of senior notes in a public offering. The notes to be sold are from a previously filed shelf registration covering the sale of up to $2.5 billion worth of securities. The subsidiary was formed last month solely to provide financing services to ELN. Athena also will redeem its $324.7 million worth of 4.75 percent exchangeable notes on March 8. The notes, which are due on Nov. 15, 2004, may be converted into ELN ADSs at $35.52 prior to the redemption date. ELN ADSs closed Tuesday at $52.56. ...