Elan (ELN +3.8%) intends to spin off its loss-making Neotope drug-discovery unit into a separate...

|About: Elan Corporation, plc (ELN)|By:, SA News Editor

Elan (ELN +3.8%) intends to spin off its loss-making Neotope drug-discovery unit into a separate publicly traded company, a move that will make Elan immediately profitable and could fuel speculation that it will be a more attractive acquisition target for Biogen (BIIB), which is the firm's partner for its Tysabri multiple sclerosis drug. (PR)