Elan, through its wholly owned subsidiary, Elan Science Three, agreed to sell all of its remaining 7,750,000 ordinary shares of Alkermes through Jefferies & Company. The sale is expected to close on February 6, 2013.
In May of 2011, Elan sold its Elan Drug Technologies (EDT) formulation and manufacturing business to Alkermes in a cash and shares deal valued at $960 million. Under terms of that agreement Elan shareholders received $500 million in cash and a 25% equity stake in the merged Alkermes entity. In September of that year, upon the completion of the merger of EDT with Alkermes, Elan received 31,900,000 ordinary shares in the newly created Alkermes—a total transaction value estimated to be approximately $1 billion at the time. In March 2012, Elan sold 24,150,000 ordinary shares of Alkermes in an underwritten public offering worth approximately $381 million.
After the closing, Elan will no longer own any ordinary shares of Alkermes.