Elan has pushed the amount raised since the start of its recovery programme over the $2 billion (€1.6 billion) mark after receiving $70 million on four separate transactions.

The pharmaceutical firm said yesterday that it had raised $45 million from a sale and leaseback of its San Diego office in the US and the disposal of businesses in Switzerland and Italy. It has also received a $25 million payment from King Pharmaceuticals in relation to muscle relaxant drug Skelaxin. The Skelaxin treatment was sold by Elan last year.

Elan chief executive Mr Kelly Martin said the four transactions were consistent with the company's strategy of focusing resources on its core therapeutic businesses and on its pipeline.

"They represent further success in our commitment to reposition Elan for the future," Mr Martin said.

Shares in Elan rose 25 cents to €7.20 in Dublin yesterday, with analysts now of the opinion that the company is trading ahead of its sum-of-the-parts valuation as a more speculative play.

Elan shares have gained some 60 per cent since the start of November as investor confidence has grown in the company's ability to get over its accounting-related travails.

Commentators were broadly positive on yesterday's four transactions, which they see as marking the end of Elan's programme of disposals.

Mr Peter Frawley of Merrion Stockbrokers suggested that the $70 million raised fell slightly short of the valuation he had placed on the assets but added that the disposal of the European sites was welcome since it would further simplify the group's structure.

Mr Frawley believes Elan has enough cash to meet all obligations due until 2006.