Irish-based pharmaceuticals group Elan announced today that one of its subsidiaries, Athena Diagnostics, has applied for an initial public offering.
The move is seen as part of a rationalisation of Elan's buinesses following a review of its product portfolio.
Initial estimates value Athena at approximately $120 million. It is anticipated that the offering will commence in early 2002.
Athena is a commercial diagnostic laboratory focused on performing tests primarily in the field of neurology for diseases such as as Huntingdons Disease and Alzheimers.
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Elan said preliminary registration documents have been filed with the SEC in New York. The lead underwriter for the proposed offering is UBS Warburg.