UPDATE 1-Elan CEO expects strategic deal "in the near term"

LOS ANGELES, June 10 (Reuters) - Elan Corp Plc (ELN.I) (ELN.N) expects to conclude a strategic transaction "in the near term," after talking over the past few months with a number of the global players in pharmaceuticals and big biotechnology, the company's chief executive said on Wednesday.

"A lot of people are interested in talking to us," CEO Kelly Martin said in a web broadcast from a Goldman Sachs healthcare conference.

He declined, however, to comment on whether discussions had broken down with Bristol-Myers Squibb Co (BMY.N), as a source told Reuters last week.

Ireland-based Elan, a co-marketer with Biogen Idec (BIIB.O) of multiple sclerosis drug Tysabri, hired Citigroup in January to conduct a review of the business and said at the time a merger or sale of the company was possible.

Elan, which is also co-developing experimental Alzheimer's drug bapineuzumab with Wyeth WYE.N, has 1.15 billion euros ($1.6 billion) worth of debt due in November 2011 and is burning through cash at a rapid rate. Pfizer Inc (PFE.N) is in the process of acquiring Wyeth.

By doing a strategic transaction, Martin said Elan is hoping to reduce balance sheet risk and go "a fair long way to fully funding the pipeline through late 2011, 2012."

He also said Elan expects the first pivotal trial results for bapineuzumab in the second half of 2010.

The CEO said Elan still expects to sell its profit-generating drug delivery business, but not until after it concludes a strategic transaction.