ARTICLE | Finance
Buyback bounceback
Elan stock rebounds on promise of $1 billion buyback
February 25, 2013 8:00 AM UTC
Elan Corp. plc (NYSE:ELN) investors did an about-face last Friday after the biotech said it would return to shareholders $1 billion of the $3.3 billion in proceeds from its restructured deal for Tysabri natalizumab. The news sent Elan shares up $0.31 to $10.60 and a market cap of $6.3 billion.
The move translates into a $700 million market cap bump from Feb. 6, when Elan first said it would amend its deal for the multiple sclerosis drug with Biogen Idec Corp. (NASDAQ:BIIB)...