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S&P: Elan on positive watch
Standard & Poor's said that it placed a B corporate credit rating on Elan Corp. plc and the B issue-level ratings on Elan Finance Corp. and Elan Finance plc on CreditWatch with positive implications.
The CreditWatch placement follows the company's announcement that it will be selling its EDT business to newly formed Alkermes plc and that it will use the cash portion of the proceeds from that sale to reduce debt.
The rating on Elan reflects the company's critical dependence on sales of its multiple sclerosis treatment, Tysabri and a thin near-term pipeline, the agency said.
The ratings consider the company's weak business profile, the agency added.
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