Shares in Elan, Ireland’s largest drugmaker, fell in Dublin trading after denying it was in talks with Pfizer or another drugmaker to sell the company.
Elan stock fell as much as 4.8 per cent, or 31 cents, to €6.05, as of 10:40am.
The stock has gained 47 per cent this year, giving the company a market value of €2.91 billion ($3.89 billion).
Elan is not in negotiations with any other drugmaker about a potential acquisition, chief executive officer Kelly Martin told Bloomberg last Friday.
The drugmaker is a "third of the way through" plans to raise $500 million by licensing out experimental cancer drugs, Martin said.
The proceeds will be used to cut debt and fund trials for the experimental Alzheimer's therapy, bapineuzumab, he said.
Bloomberg