Elan Corporation has said it is considering its position over the £14.8 million sterling (€72 million) bid by American group Inhale Therapeutics for the British pharmaceuticals company, Quadrant Healthcare.

Elan's public non-committal response to the recommended bid is seen in some quarters as reserving its position for a possible counter-bid.

"We cannot exclude the possibility that Elan may launch a bid," said the chief executive of Quadrant, Mr Ian Ross. He added that Elan, with which Quadrant operates a joint venture, has a "window of opportunity" of 49 days. Inhale has, however, irrevocable acceptances in respect of Nomura's 25 per cent of Quadrant.

Elan has a 7.2 per cent stake in Quadrantm which is worth just over £3 million sterling at Inhale's 60p sterling a share offer.