Elan announces it will acquire Carnrick
Elan Corp., Dublin, Ireland, will acquire Carnrick Laboratories from GWC Health Inc. for $150 million, élan announced in late April.
Elan Corp., Dublin, Ireland, will acquire Carnrick Laboratories from GWC Health Inc. for $150 million, élan announced in late April.
Carnrick, a privately owned pharmaceutical company founded in 1899, markets and distributes products to general practitioners and pain specialists in the United States and Puerto Rico. Its major product is Skelaxin® (metaxalone), a product indicated for the relief of acute painful muscoskeletal conditions.
"The acquisition of Carnrick will significantly expand our neuromuscular portfolio of directly marketed products," said Donal J. Geaney, élan's chairman and CEO. "The transaction will provide further promotion opportunities through the addition of Carnrick's 130-person sales force. This will bring élan's U.S. sales organization to a total of 280 representatives."
The acquisition will also accelerate élan's development of its U.S. pharmaceuticals business by increasing the range of products it offers, and enhance its capability to exploit a pipeline of late-stage products currently in development.
Carnrick will operate as a business unit of Athena Neurosciences, élan's existing neurology division. Edmond Bergeron, Carnrick's current chairman and CEO, will continue in that position, and no layoffs have been announced.
Financially, Carnrick is small but healthy. The company recorded net sales of $51.2 million for the 12-month period ending last December. In comparison, élan reported $54.5 million in net income for the quarter ending March 31, 1998.
The purchase of Carnrick, which still awaits federal approval, is élan's second major acquisition in recent months; in February, it acquired Miramar, FL-based Sano Corp. PR
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