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Elan in talks to sell stake to Bristol


1 June 2009

Irish biotech firm is reportedly discussing selling a minority-stake to Bristol-Myers Squibb.

According to a report in Reuters, an unamed source believes that an agreement could come as early as this week. Elan is also in talks with a second party, but the stauts of these discussions are as yet unknown.

In January, Elan hired Citigroup to conduct a strategic review of its business, which it said could lead to a sale or merger of the company.

Elan and Bristol-Myers Squibb declined to comment.