Pharmaceutical company Elan has appointed Citigroup Global Markets to conduct a review of the strategic alternatives to raise finance for the company. Elan said it is looking at a range of options which include minority investment, a strategic alliance, a merger or a sale, but underlined that a sale at the moment would be the least preferable option.
Elan said its review was to secure access to the necessary financial resources and commercial infrastructure to allow it to accelerate the development and commercialisation of its pipeline and product portfolio.
Elan's stock has fallen by two-thirds over the past six months Last month Elan announced plans to save $20m to $25m by cutting 114 jobs and closing its Tokyo and New York offices.
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