Subscribe
Business

Elan will buy back $1B in stock, refinance debt

By Washington Examiner
Published
Add Washington Examiner on Google

NEW YORK (AP) — Irish drugmaker Elan Corp. PLC said Friday that it plans to use a $3.25 billion payment from its partner Biogen Idec Inc. to buy back $1 billion in stock, make investments to diversify its assets and refinance its debt.

The payment is coming as it reworks its collaboration with Biogen involving the multiple sclerosis drug Tysabri.

Print subscriber? Click here to login/register your account
Digital subscriber? Click here to login/register your account.

Full midterm coverage.Deeper analysis.

Get unlimited access to Washington Examiner's reporting, expert analysis, and coverage of the midterm elections.

Get Unlimited Access

Cancel anytime.