Elan has completed its recovery plan with the sale of its European sales and marketing business to a new British-based pharmaceutical firm in a deal worth $120 million.
Around 180 employees will transfer to Medeus Pharma Limited, Elan said.
Elan said the announcement marked the formal conclusion of its recovery plan announced in July 2002. The major overhaul of the troubled Dublin-based pharmaceutical group netted some $2 million from the disposal of assets and non-core businesses. The proceeds exceeded the company's $1.5 million target.
In a separate development, Elan said it expects to complete the sale of certain rights to two products in Britain and Ireland for about $10 million during the first quarter of this year.