Elan details plans for Tysabri deal cash

Elan Corp. plc (NYSE:ELN) said it will start a $1 billion share repurchase program with a portion of the $3.3 billion upfront payment it will receive from partner Biogen Idec Inc. (NASDAQ:BIIB) for the restructuring of the partners' deal for multiple sclerosis (MS) drug Tysabri natalizumab. Elan also said it will use a portion of the upfront cash to refinance its outstanding debt and to invest in "a variety of business assets." The company said it expects to announce a number of "strategic transactions" after the deal closes, which is expected in 2Q13. As of Dec. 31, 2012, Elan had $431.3 million in cash and $600 million in debt. ...