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Elan Corporation PLC (ELN) to Close Pennsylvania Site Ahead of Unit Sale to Alkermes (ALKS), Terminating 104 Jobs  
7/14/2011 6:39:00 AM

Elan Corp. PLC (ELN) plans to close a suburban Philadelphia facility employing at least 104 people, a move Elan says is related to the $960 million deal to sell its drug-technology unit to Alkermes Inc. (ALKS). Dublin-based Elan, which co-markets the multiple-sclerosis drug Tysabri with Biogen Idec Inc. (BIIB), said it will close its King of Prussia, Pa., site by the end of September and transfer current projects and technology capabilities to other locations. e decision to close the site followed a "comprehensive review" of the combined businesses of Alkermes and Elan Drug Technologies, said Niamh Lyons, an outside spokeswoman for Elan.
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