A round-up of other business news in brief...
Schizophrenia drug approved
Pharmaceutical group Elan’s drug delivery division announced yesterday that US regulatory approval has been granted for the use of Invega Sustenna, a long-acting injectable treatment for schizophrenia.
The product uses Elan’s proprietary NanoCrystal technology. Elan will receive low-to-mid single-digit royalties on net sales following the commercialisation of the product.
The product is marketed by Johnson & Johnson.
Petroceltic well log 'encouraging'
Oil and gas exploration company Petroceltic said yesterday that well AT-1 in the Illizi basin of Algeria has been successfully drilled to its target depth.
Drilling data has confirmed “gas bearing intervals” in line with expectations, and the well is now suspended for testing.
“The AT-1 logs look encouraging and we look forward to well test results in the near future,” commented Brian O’Cathain, chief executive of Petroceltic.
DCC buys Shell Danish business
Industrial holding company DCC has acquired Shell’s oil distribution business in Denmark.
According to an announcement made by DCC to the Irish stock exchange, the consideration to be paid for the Danish business was €14 million.
It is understood that the business, which distributes heating oil and transport fuel to domestic, commercial and industrial customers throughout Denmark, will operate as a Shell-branded distributor with 57 employees following the acquisition.
Tullow strikes oil at new Uganda well
Shares in Tullow Oil rose yesterday after the exploration firm said it struck oil at a new well in Uganda.
The company said its Ngara-1 exploration well in the African state’s Butiaba region found more than eight metres of net oil pay.
Tullow’s exploration director Angus McCoss said: “The 10th discovery in the Victoria Nile Delta play marks the end of a very successful opening phase of the Tullow-operated exploration campaign in the Butiaba region.” Tullow shares closed at €12.07 in Dublin, a gain of €0.30.
Treasury's Creo in refinancing deal
China Real Estate Opportunities (Creo), the AIM-listed investment vehicle backed by Treasury Holdings, has agreed a refinancing deal with the Industrial and Commercial Bank of China.
Creo has received credit approval from the Chinese bank for a five-year loan facility equivalent to €31.29 million. This facility will refinance loans the firm has with Credit Suisse which relate to the Treasury Building in Shanghai, due to expire in March 2010.
