Novartis in talks to buy much of Elan -report
DUBLIN, June 28 (Reuters) - Swiss drugmaker Novartis (NOVN.VX) is in talks to buy parts of Irish peer Elan (ELN.I), including its flagship multiple sclerosis products and its Alzheimer's disease pipeline, the Sunday Times newspaper said.
A spokeswoman for Elan said it did not comment on speculation. A spokesman for Novartis declined to comment.
The Sunday Times said a "well-placed source" confirmed the talks but added the "complexity of the deal made a decision some way off".
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. It said on June 10 it expected 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 biotechnology. [ID:nN10455683]
Chief Executive Kelly Martin then declined, however, to comment on whether discussions had broken down with Bristol-Myers Squibb Co (BMY.N), as a source had earlier told Reuters. [ID:nN02280635] Analysts say Elan is running out of options for a strategic partnership as earlier market talk of a link-up with companies such as U.S. giant Pfizer Inc (PFE.N) or Denmark's Lundbeck (LUN.CO) have all turned out to be unfounded so far. [ID:nL340582] (Reporting by Andras Gergely; Editing by Jon Loades-Carter)
