Elan to Spin Off Discovery Sciences

Elan Corporation announced plans to spin off its discovery unit and Neotope Biosciences division to create an independent entity focused on R&D.  Discovery sciences will be incorporated in a new company called Neotope Biosciences that will focus on identifying and translating targets into potential therapies for chronic degenerative and other related disease areas. This entity will continue to focus on innovation, differentiated scientific advancement, intellectual property creation, and translational capability to transform science into clinical assets.

The second company, Elan Corporation, will continue the development and commercialization of Tysabri, a monoclonal antibody therapy marketed in collaboration with Biogen Idec for multiple sclerosis and other potential indications. In addition, the company will continue to develop ELND005, a small molecule asset set to enter Phase II for a range of neuropsychiatry and symptomatic diseases that targets non-amyloid pathologies. Elan Corporation will also oversee continued interest in Janssen AI, which, with Pfizer, manages a portfolio of biologic products in early clinical development.

"With Elan's commitment to capitalize Neotope's Bioscience, our highly talented scientific team, who have previously discovered Tsyabri and an approach to immunotherapy for Alzheimer's, will have the resources and time to advance programs for chronic degenerative diseases, such as synuclein for Parkinson's disease, along the drug development stages and provide opportunities for investors to participate in this journey," said Dr. Lars Ekman, chairman designate of Neotope Biosciences in the press release. He continued, "In the longer term, the team's heightened focus and dedication to translating unique scientific insight into clinical programs will provide benefits to the field of life sciences across a broad array of diseases for the ultimate benefit of patients.”