Elan Corporation this morning said that it had completed the retirement of $242.8 million dollars worth of its 2008 outstanding debt.
Many had questioned whether the Irish drugmaker would be able to pay its debt back after the February withdrawal of its much-touted multiple sclerosis drug, Tysabri (natalizumab), after it was linked to a rare and potentially fatal central nervous system disorder [[01/03/05a]]. However, last week, the company announced it would be retiring $211.8 million dollars of its outstanding debt, and had agreed to pay off a further $31 million [[01/06/05b]].
In addition, $206 million of Elan’s guaranteed convertible notes, which are listed on the Irish and London stock exchanges, have been cancelled. The move leaves Elan with $254 million guaranteed convertible notes outstanding, and $36.8 million in Athena Notes, which are held by one of the firm’s subsidiaries and are expected to remain outstanding.