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FEB 22, 2013 - Yahoo! News

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Elan plans $1 billion buyback and acquisitions

DUBLIN (Reuters) - Irish drugmaker Elan will return $1 billion to shareholders and seek acquisitions with the proceeds of selling its stake in blockbuster multiple sclerosis (MS) treatment Tysabri to partner Biogen Idec. The sale of Tysabri, which was by far Elan's most important product and responsible for almost all its revenue, leaves the company's future shape unclear, but the deal now offers it flexibility to buy new assets. The company said on Friday it would use almost a third of the $3.25 billion from the deal to buy back shares. "By unlocking a portion of the Tysabri ... Read More

Tags: Elan plans $1 billion buyback and acquisitions,  Multiple Sclerosis Latest News