Alzheimer's Setback Makes Elan Corporation PLC (ELN) Takeover Bait to Biogen Idec, Inc. (Massachusetts) (BIIB)
7/27/2012 7:57:11 AM
Bad news for Elan Corp. (ELN) (ELN)’s Alzheimer’s drug is turning into good news for Biogen Idec Inc.’s takeover options. Elan sank (ELN) 15 percent, the most since 2009, on July 24 following disappointing results for bapineuzumab, an Alzheimer’s therapy developed with Pfizer Inc. (PFE) (PFE) and Johnson & Johnson. The failure of that drug would leave Elan with a single major product, the multiple sclerosis treatment Tysabri that Biogen co-owns, priming the $7.1 billion company for a deal with Biogen, Jefferies Group Inc. and Royal Bank of Canada said.