Emisphere, Elan deal

The companies signed a letter of intent to create a joint venture to develop oral heparin and heparinoid products. ELN would contribute $7.5 million to the joint venture and purchase 600,000 newly issued EMIS common shares at $12.50 per share, for another $7.5 million. EMIS (Hawthorne, N.Y.) will have 8.4 million shares outstanding after the purchase.

ELN also would receive five-year warrants to purchase 250,000 shares of EMIS at $16.25. ...