ELN~interesting ...King completes $750 million deal for Elan drugs Reuters, 06.13.03, 7:51 AM ET
NEW YORK, June 13 (Reuters) - King Pharmaceuticals Inc. (nyse: KG - news - people) on Friday said it completed the $750 million purchase of U.S. rights to two drugs from Ireland's Elan Corp. Plc, a little more than two months after it dropped the deal because of a government probe of Elan.
The deal, which transfers U.S. rights of sleep aid Sonata and muscle relaxant Skelaxin, was originally priced at $850 million.
Elan needed the deal to help it pay off a heavy debt burden.
King, based in Bristol, Tennessee, became uneasy about the deal when it learned in March that the U.S. Federal Trade Commission was investigating whether Elan (nyse: ELN - news - people) <ELN.I> unfairly blocked cheaper generic competition for Skelaxin.
After King officials said publicly that they unsure about the deal, Elan sued King.
King officially dropped the deal on April 2, but the companies renegotiated at the lower price, announcing a new pact on May 20.
King had expected the deal to add to its revenue and earnings this year. It did not mention its outlook in its statement Friday about completion of the transaction.
U.S. sales of Sonata and Skelaxin were about $238 million last year.
Copyright 2003, Reuters News Service
http://www.forbes.com/newswire/2003/06/13/rtr999265.html ---------------------------- not the "action" I expected today from the LYONs news ... then coupled with this "good" news and the stock sat pretty much where it ended trading yesterday?
ELAN CORP PLC (NYSE:ELN) Last Trade 4:00pm · 8.06 Change +0.06 (+0.75%) Prev Cls 8.00 Open N/A Volume 3,470,300 Day's Range 8.05 - 8.52 Mkt Cap 2.820B Avg Vol 3,690,045 52-wk Range 1.03 - 9.02
what a lack luster day on the market and my portfolio as a whole!
I am now thinking the administration's move to hinder Drug patents in favor of generics may be the early signs that the drug sector will be hindered by the "good intentioned" politicos that are scrambling (IMO) for the elderly vote and the current push to get a national drup policy up and running.
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