Elan has sold its European sales and marketing business to Medeus UK for $120 million (€97 million). Medeus is a new UK pharmaceutical company backed by Apax Partners Funds, a venture capital firm.
Elan said the total consideration was $120 million and that it was retaining operations in Athlone and its research and development operations in Stevenage in the UK.
In addition it anticipates selling certain rights to two products in the UK and Ireland for $10 million.
"Divesting these operations is consistent with our strategy of focusing on areas that are essential to our future and enables us to tailor our European sales and marketing efforts towards our pipeline products," said Mr Kelly Martin, Elan's president and chief executive officer.
He said that "individuals who have contributed to our sales and marketing success in Europe" will be able to continue as employees of Medeus.
The deal will see Elan divest of its UK sales and marketing operation as well as 100 per cent of the equity in sales and marketing affiliates in Germany, France, Spain, Italy and Ireland.
