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Investors penalize Elan for restructured Tysabri deal with Biogen Idec
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Rethinking Elan, again
Monday, February 11, 2013
With a $3.3 billion windfall, Elan
Corp. plc (NYSE:ELN) has said it plans to shop for new assets and give some
money back to shareholders over time. Investors seem less than enthused,
however, and sent the shares down $1.06 to $9.40 on Wednesday after the biotech
agreed to restructure a 2000 deal for multiple sclerosis drug Tysabri
natalizumab with Biogen Idec Inc. (NASDAQ:BIIB).
It's possible that Elan shareholders
with long memories are having a sense of déjà vu. The company has restructured,
sought alternatives and/or sold off chunks of its business almost a dozen times
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