Elan Corp plc, Advanced Therapeutic Systems Ltd. deal

ELN exercised its option to acquire its development spin-off for $141 million in cash. ELN formed ATH in May 1993 to develop drug delivery systems primarily for the management of pain. The ATH product furthest in development is Penoderm, an electronically assisted transdermal pain patch. ELN hopes to start Phase III trials before year end.

ATH also is funding drug delivery research using other ELN technology, including Medipath, a transdermal cutaneous device to deliver analgesics; Beodas, an oral version of heparin; and Midas, a long-acting injectable for pain. ...