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Last Updated: Wednesday, 24 December, 2003, 09:11 GMT
Irish drug group sells sales arm
Elan is selling its sales and marketing business
Irish pharmaceutical group Elan is to sell its European sales and marketing business for 68m ($120m; 97m euros).

It is being bought by Medeus UK, a new UK pharmaceutical company, backed by venture capitalists Apax Partners.

Dublin-based Elan says the move will enable it to focus on its core business of pharmaceutical research, development and manufacture.

Kelly Martin, Elan president and chief executive, said the sale was consistent with the company's long term strategy.

Pipeline products

He said: "Divesting these operations is consistent with our strategy of focusing on areas that are essential to our future and enables us to tailor our European sales and marketing efforts toward our pipeline products."

Elan specialises in products that treat neurology, severe pain and autoimmune diseases.

Back in 2002 its share price plunged by as much as 95% after heavy losses and allegations of accountancy problems.

The firm then axed more than a fifth of its 4,500 workforce in a shake-up aimed at reviving investor support.

Shake-up for Irish drugs company
10 Jun 02  |  Business

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