|Alkermes acquires Elan's EDT unit|
|By BioMedReports.com Staff|
|Monday, 09 May 2011 20:31|
Shares of Alkermes, Inc. (NASDAQ:ALKS) and Elan Corporation, plc (NYSE:ELN) both rose today after the companies announced that Alkermes will acquire Elan Drug Technologies (EDT), the drug formulation and manufacturing business unit of Elan, in a cash and stock transaction valued at approximately $960 million. Alkermes and EDT will be combined under a new holding company incorporated in Ireland. This newly created company will be named Alkermes plc. “The combination of Alkermes and EDT is a strong strategic fit at the right time when both businesses are strong and positioned for growth. With EDT’s two recently approved drugs, INVEGA SUSTENNA and AMPYRA, driving revenue growth, the EDT business is an ideal complement to Alkermes’ portfolio of approved and development-stage drugs,” stated Shane Cooke, Executive Vice President and Head of EDT.
Alkermes developed, manufactures and commercializes VIVITROL for alcohol and opioid dependence and manufactures RISPERDAL CONSTA for schizophrenia and bipolar I disorder. Their pipeline includes extended-release injectable and oral products for the treatment of prevalent, chronic diseases, such as central nervous system disorders, addiction and diabetes. Elan Drug Technologies, is one of the world’s leading drug delivery companies. EDT's NanoCrystal technology helps drug compounds that dissolve poorly in water, while it's other technologies enable the gradual release of drugs from pills taken orally.
Shares of Elan gained 37 cents or 4.7% to $8.24 while Alkermes jumped 75 cents or 5.18% to $5.22.
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