1) Mylan Product Is Generic Of Elan's Zanaflex For Spasticity Tuesday April 1, 10:13 am ET
PITTSBURGH -(Dow Jones)- Mylan Laboratories Inc.'s abbreviated new drug application for two- and four-milligram tablets of tizanidine hydrochloride has been approved by the U.S. Food and Drug Administration
Elan lost its patent exclusivity on Zanaflex in June of 2002. An Elan spokesman said Zanaflex accounted for $162 million of 2001 sales.
2) Elan Receives $89.5 Million Cash Payment from Its Investments in Xcel
In 2001, Elan purchased three million Xcel Series A-1 preferred shares. Additionally, in 2001 and 2002, Xcel issued a total of $109.0 million of loan notes to Elan. The net carrying value of the shares and loan notes as at March 31, 2003, which had been written down in anticipation of this transaction, amounted to $91.6 million. Under the terms of the agreement, Xcel has purchased all of Elan's shareholding in Xcel and the loan notes have been retired in full at a discount. Elan expects to record a pre-tax loss of $2.1 million in the first quarter of 2003 in respect of the transaction.
The proceeds from the transaction will form part of Elan's targeted proceeds from the divestment of assets as outlined in its recovery plan. To date, the total cash received by Elan through asset divestitures is in excess of $825.0 million.
3) King To Elan: No Deal Tara Murphy, 04.02.03, 10:00 AM ET
NEW YORK - Making headlines this morning, King Pharmaceuticals has called off plans to buy the rights of two drugs from Elan, amid a U.S. federal probe into alleged anti-competitive tactics.
4) King Pharmaceuticals Drops Deal for Elan Wednesday April 2, 2:40 pm ET By Jed Seltzer
NEW YORK (Reuters) - King Pharmaceuticals Inc. (NYSE:KG - News) said on Wednesday it is dropping its $850 million deal with Elan Corp Plc to acquire rights to two drugs after the U.S. government began investigating how Elan blocked cheaper generic competition on one of the medicines.
Elan (NYSE:ELN - News; Irish:ELN.I - News), which is based in Dublin, Ireland, has already filed a lawsuit against King to keep the deal in place. A trial in the New York State Supreme Court is slated to begin on May 15.
Investors in Elan fear the company will have trouble initiating its recovery plan without the deal. The company has been saddled with heavy debt after becoming involved in dozens of failed partnerships and joint ventures with biotechnology companies.
Under the deal, King was to acquire the U.S. rights to muscle relaxant Skelaxin (News - Websites), the subject of the Federal Trade Commission probe, and Sonata (News - Websites), a sleep aid.
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