InShort

A round-up of today's other business stories in brief.

Amarin to buy epilepsy drug licence

Listed biotech developer Amarin is buying a global licence to develop and market an epilepsy treatment for $5.2 million (€4 million) from Elan, whose former executive, Tom Lynch, chairs Amarin.

The New York- and Dublin-listed company has agreed to buy the licence for Lorazepam, which is being developed as an emergency treatment for those who suffer from epileptic seizure.

Amarin will pay Elan $5.2 million plus royalties on sales, and a $600,000 finder's fee to Neurostat Pharmaceuticals, plus warranties to purchase 175,000 Amarin shares at $1.79 each.

'Innovation' drives Japan recovery

Innovation in Japanese industry is driving economic recovery, the head of Japan's exporters' association said in Dublin yesterday.

Speaking at the Michael Smurfit Graduate School of Business, Hiroshi Tsukamoto, president of Japan's External Trade Organisation (Jetro), said Japan's recovery was strongly related to investment in science and technology. "Innovation is the key element for future development. The government role for the innovation-oriented society is very important," Mr Tsukamoto said.

He praised the Irish Government's commitment to spending €1.7 billion on research and development under the forthcoming National Development Plan.

Quin legal firm in Mourant merger

Quin and Hampson, an independent Cayman Islands legal firm with a number of significant Irish clients, has merged with Mourant, one of the largest offshore law firms in the world.

Quin and Hampson, whose senior partner, Charles Quin QC, comes from Northern Ireland, acted for the McCracken tribunal in its case against Ansbacher (Cayman) in 1997. It also acted for the then tánaiste, Mary Harney, and the inspectors appointed by the High Court to investigate Ansbacher in the wake of the tribunal.

The move by Mourant forms part of its strategy to grow its presence in the major offshore and onshore locations used by the international capital markets.

Mr Quin, for his part, said the trend is for consolidation in the offshore legal world. "There are strong cultural and professional similarities between Quin and Hampson and Mourant and we're excited about our future together," he said.

Keystone Group acquires rival

Tyrone-based steel lintel and support system manufacturer Keystone Group has acquired its Welsh rival, IG Lintels.

The deal is the latest in a series of investments for Keystone, and will increase its annual group turnover to £45 million (€6.6 million) and its workforce to 440.

New biomedical institute formed Hewlett Packard (HP) announced yesterday that, in collaboration with the Government and several universities, it has formed the Institute of Biomedical Informatics.

A total of €30 million is expected to be invested in the institute over the next five years.

Life Receivables

An article in the edition of February 17th last headed "Life Receivables loses €6.6 million in its first year" was in error. The company lost $6.6 million.

Life Receivables, according to a note in the accounts, is owned by a charitable trust.