Elan puts EDT spinout plans on hold

Elan Corp. plc (NYSE:ELN) said late Monday that it does not plan to spin out its Elan Drug Technologies (EDT) drug delivery business into a separate public company from its Elan BioNeurology business at this time, citing market conditions. Completing its previously announced evaluation of a potential spinout, the company concluded that "it makes strategic and financial sense to separate the businesses, provided that a separation can be done at an appropriate valuation." At June 30, EDT had six-month revenues of $132.4 million, while the BioNeurology business reported $447 million in revenues. Elan previously explored a spinout of EDT in 2008. Elan was up $0.18 to $5.43 on Monday. ...