Elan Corporation PLC (ELN) Boss Martin Faces Ownership Showdown, Elan Risks Losing $2 Billion if Royalty Pharma Walks
6/13/2013 8:17:41 AM
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When Kelly Martin, a former Merrill Lynch banker with no drug industry experience, took over as CEO of Ireland's Elan (ELN.I) in 2003, analysts assumed his mandate was to clean up the troubled company and sell it. But 10 years later, despite boardroom battles, drug failures and headlines criticizing his use of private jets, Martin is still in charge. That might change after Monday, when shareholders vote to back his vision for Elan or open the door for U.S. firm Royalty Pharma ROYPH.UL after a fractious takeover battle. On offer for shareholders is Martin's plan to reinvest a chunk of the $3.25 billion Elan received from former partner Biogen Idec (BIIB.O) for its interest in multiple sclerosis (MS) drug Tysabri, in a series of deals aimed at reshaping the company.
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