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news.Ireland-based drug manufacturing firm Elan Corporation has announced that it will sell all of its remaining 7,750,000 ordinary shares of Biopharmaceutical company Alkermes.
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The firm is planning to sell the shares through its wholly-owned subsidiary Elan Science Three and is expected to close the deal on 6 February 2013.
Elan through its Drug Technology (EDT) business with Alkermes received 31,900,000 ordinary shares in the newly created Alkermes in September 2011, while in March 2012, Elan sold 24,150,000 ordinary shares of Alkermes in an underwritten public offering.
Elan after selling all the shares will no longer own any ordinary shares of Alkermes.