Elan To Spin Off Neotope Drug Discovery Business Platform
News: Drugmaker Elan's board directors have approved separation of its discovery science and Neotope Biosciences divisions into a separate business entity. The spin-off, which is expected to be complete by the end of 2012, will create two independent public companies - Elan Corporation and Neotope Biosciences . Both companies will enable investors to best achieve their investment objectives. The split will leave Elan with its core assets including the multiple sclerosis blockbuster drug Tysabri (natalizumab), an experimental neuropsychiatry therapy in mid-stage clinical trials and the Alzheimer's programme. The newly created Neotope Biosciences will focus on potential therapies for chronic degenerative and other related diseases. While Elan will keep its head office in Dublin with 90-100 employees, Neotope Biosciences' operations will be based in San Francisco.