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This excerpt taken from the ELN 6-K filed Mar 31, 2006. Antigenics
Antigenics is a biotechnology company whose chairman,
Dr. Garo Armen is also a director of Elan. We had invested
a total of $14.9 million in Antigenics up to 31 December
2003. In February and March 2004, we disposed of all of our
1,098,937 common shares in Antigenics for $11.4 million.
Following the appointment of Dr. Armen as our chairman on 9
July 2002, we signed a memorandum of understanding with
Antigenics in respect of costs incurred by either company in
respect of work done for the other. The agreement provided that
no
Elan Corporation, plc 2005 Annual Report 129
Table of Contents
This excerpt taken from the ELN 20-F filed Mar 30, 2006. Antigenics
Antigenics is a biotechnology company whose chairman,
Dr. Garo Armen, is also a director for Elan. We had
invested a total of $14.9 million in Antigenics up to
December 31, 2003. In February and March 2004, we disposed
of all of our 1,098,937 common shares in Antigenics for
$11.4 million.
Following the appointment of Dr. Armen as our chairman on
July 9, 2002, we signed a memorandum of understanding with
Antigenics in respect of costs incurred by either company in
respect of work done for the other. The agreement provided that
no profit margin should be charged on such costs. In 2005, the
amount of such charges from Antigenics was approximately $Nil
(2004: $0.1 million) and we did not make any payment to
Antigenics for such charges in either 2005 or 2004.
On January 7, 2005, Mr. Armen stepped down as Chairman
of Elan, but has continued to serve as a director.
Table of Contents
Elan
Corporation, plc
NOTES TO
THE CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
This excerpt taken from the ELN 6-K filed Apr 11, 2005. Antigenics At 31 December 2003, we had invested a total of $14.9 million in Antigenics, a biotechnology company whose chairman, Dr. Garo Armen, is also a director of Elan. At 31 December 2003, our shareholding represented approximately 2.8% of Antigenics’ outstanding share capital. At 31 December 2003, this investment had a carrying value of $11.0 million and a fair value of $12.5 million. In February and March 2004, we disposed of all of our 1,098,937 common shares in Antigenics for $11.4 million. Following the appointment of Dr. Armen as chairman on 9 July 2002, we signed a memorandum of understanding with Antigenics in respect of costs incurred by either company in respect of work done for the other. The agreement provided that no profit margin should be charged on such costs. In 2004, the amount of such charges from Antigenics was approximately $0.1 million (2003: $0.2 million) and the amount of such charges to Antigenics was $Nil (2003: $0.2 million). In addition, on 28 February 2003, a settlement was signed between Antigenics, Neuralab and EPI regarding a dispute relating to a supply agreement entered into on 23 November 1999 between Antigenics, then known as Aquila Biopharmaceuticals, Inc., Neuralab and EPI. Under the terms of the settlement, Elan paid Antigenics $0.3 million and received an agreed amount of an adjuvant. | EXCERPTS ON THIS PAGE:
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