ELAN CORP. PLC saw its shares rise slightly on the sale of its primary care franchise to King Pharmaceuticals Inc., which catapulted the company ahead of its $1.5 billion divestiture target by one year. Analysts warn, however, that the loss of key brands under Elan’s pipeline-contingent recovery plan may potentially lead to negative earnings in 2004 and 2005.
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Elan Corp. agreed to sell the US rights of two lead growth products, Sonata (zaleplon) and Skelaxin (metaxalone), along with 400 sales representatives, to King Pharmaceuticals for $850 million in January.
“Any …
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