Irish pharmaceutical company Elan has entered into an agreement with Allergy Therapeutics,(ATL), European-based allergy company, to develop products for the symptomatic treatment of allergic conditions.
An ATL spokesman said Elan had invested £4 million in ATL, taking a 9 per cent stake.
"With the restructuring of ATL announced today, we now have a sound financial basis for the company going forward which will enable us to realise the full commercial potential of its product and technology portfolio," ATL chief executive Mr Iain Ross said.
"By focusing upon building a European business and following the conclusion of the transaction with Elan, I am confident that ATL can become a major player in the allergy field in Europe," he said.