Elan chief to remain at firm

Elan has asked outgoing chief executive Kelly Martin to stay until crucial data from trials of an Alzheimer’s treatment has been evaluated.

Mr Martin had been due to step down in May from the role he has held since 2003.

However, Elan chairman Robert Ingram said the board felt it would best serve the company and its shareholders for Mr Martin to remain at the company until data from trials of bapineuzumab, which is potentially of "transformational significance" for Elan, has been shared publicly, evaluated and assessed.

"This continuity will create an opportunity to achieve further clarity for Elan's strategic and financial path forward," Mr Ingram said.

The development of bapineuzumab was originally a joint venture between Elan and Wyeth. Pfixer has since acquired Wyeth and in 2009, Elan gave half of its share to Johnson & Johnson when the US firm took an 18.4 per cent stake in Elan for $1 billion.

Elan will get about a quarter of profits from the drug, making it an important part of the company’s future strategy.

Mr Martin has agreed to stay on, and Elan said it would continue discussions with potential candidates to replace him in the future.