Funding that library

2 June 2009 By Robert Cyran Follow @rob_cyran

The IrishAmerican biotech faces a 2011 cash crunch. So selling a minority stake, to Pfizer or Bristol, makes sense given its intriguing but unfunded drugs pipeline. Moreover, the wave of pharma consolidation could hinder a full sale.

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Talks between Elan and BristolMyers Squibb have broken off according to reports. The IrishAmerican biotech, with a market capitalisation of $3.8bn, is attempting to sell a minority stake in itself.

Elan's treatment for multiple sclerosis, Tysabri, is comarketed by US biotech company Biogen Idec. Elan recorded Tysabri sales of $159m in the first quarter.

Biogen Idec is currently engaged in a proxy battle. Activist investors, led by Carl Icahn, are seeking four seats on the company's board, and advocate the company split in two.

Elan's potential treatment for Alzheimer's disease, bapineuzumab, is being codeveloped by US pharmaceutical company Wyeth. Wyeth has agreed to sell itself to Pfizer.

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