May 13, 2009 / 10:16 AM / 8 years ago

Lundbeck CFO: Elan not an acquisition option now

2 Min Read

COPENHAGEN, May 13 (Reuters) - Danish pharmaceutical group Lundbeck (LUN.CO) would not be able to buy Irish biotech company Elan ELN.I in current market conditions, Lundbeck's Chief Financial Officer Anders Gotzsche said on Wednesday.

In March, shares in Elan jumped on what dealers said was market talk Lundbeck was lining up a bid. The two firms at the time declined to comment.

Elan shares rose again this month as traders cited renewed talk Lundbeck was planning a bid.

"I don't see that, at this point in time, it would be possible to borrow the money needed to buy a company the size of Elan," Gotzsche told Reuters.

Elan hired Citigroup in January to conduct a strategic review of its business, which it said at the time could lead to a sale or merger of the company, and Lundbeck was tipped soon after by Danish and Irish newspapers as a possible buyer.

Elan shares were down 5.1 percent at 4.9975 euros at 1009 GMT, underperforming the DJ Stoxx Healthcare sector index .SCDP, which was up 3 percent, while Lundbeck shares were up 6.5 percent. (Editing by Will Waterman)

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