Volume 91 Issue 21 | p. 8 | News of The Week
Issue Date: May 27, 2013

Elan Goes On A Spending Spree

Pharmaceuticals: Firm uses its cash to rebuild businesses
Department: Business
Keywords: pharmaceuticals, acquisitions, takeover

Flush with money after having sold most of its assets, the Irish drug company Elan is remaking itself through acquisitions and investments. It’s a gutsy undertaking, and it could be thwarted by another company seeking to buy Elan for its cash and future royalties.

Under CEO G. Kelly Martin, Elan has been laying off staff, selling businesses, and paying down debt since 2009. Martin, a former Merrill Lynch executive who is known as . . .

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