Elan has sold its worldwide rights to Myobloc, a drug treatment for chronic back and neck pain.
Myobloc was developed by Elan and is currently approved in the US, Canada and Europe for the treatment of cervical dystonia to reduce the severity of abnormal head position and neck pain.
The rights have been sold to to Solstice Neurosciences, a newly formed company focused on speciality biopharmaceutical products.
The associated manufacturing employees will be offered the opportunity to continue their work with Myobloc as employees of Solstice. The financial terms of the transaction were not disclosed.