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This excerpt taken from the ELN 6-K filed Jan 13, 2009. ELN]) announced today that the
Board of Directors has engaged Citigroup Global Markets Inc. to conduct, in
conjunction with executive management and other external advisors, a review of
the Company's strategic alternatives. The goal is to secure access to the
necessary financial resources and commercial infrastructure to allow Elan to
accelerate the development and commercialization of its extensive pipeline and
product portfolio while maximizing the ability of its shareholders to
participate in the resulting longer term value creation. The range of
alternatives that will be assessed could include minority investment or
strategic alliance, a merger or sale.
“We
recently concluded our annual review of the Company's scientific capabilities,
clinical portfolio, and commercial opportunities in Alzheimer's, Parkinson's,
and Multiple Sclerosis. Our progress to date has been significant. Given our
many scientific, clinical and commercial opportunities and the capabilities of
the industry participants that surround us, the Board of Directors has
determined that this is an appropriate time for the Board to explore potential
alternative paths forward for the Company," stated Kyran McLaughlin, Chairman of
the Board of Directors.
The
Company is committed to completing its review of potential alternatives as
promptly as practicable. However, there can be no assurances that any particular
alternative will be pursued or that any transaction will occur, or on what
terms. The Company does not plan to release additional information about the
status of the review of alternatives until a definitive agreement is entered
into or the process is otherwise completed.
About
Elan
Elan
Corporation, plc is a neuroscience-based biotechnology company committed to
making a difference in the lives of patients and their families by bringing
innovations in science to fill significant unmet medical needs. Elan shares
trade on the New York, London and Dublin Stock Exchanges. For additional
information about the company, please visit www.Elan.com.
Forward
Looking Statement
The
statements in this press release that are not historical facts are
forward-looking statements that involve risks and uncertainties including,
without limitation, our ability to enter into or consummate a definitive
transaction as a result of any evaluation of strategic alternatives discussed
above or our ability to maximize shareholder value through this process or any
potential transaction. A further list and description of the risks,
uncertainties and other matters that confront us can be found in our Annual
Report on Form 20-F for the fiscal year ended December 31, 2007, and in our
Reports of Foreign Issuer on Form 6-K filed with the U.S. Securities and
Exchange Commission. These forward-looking statements are made only as of the
date hereof, and we assume no obligation to update any forward-looking
statements, whether as a result of new information, future events or otherwise,
except as otherwise required by law.
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