Elan chairman and chief executive Mr Donal Geaney has sold more than $8 million (#7.3 million) worth of the company's shares. Mr Geaney disclosed he had sold 160,000 shares on Tuesday. The price for the shares was not disclosed but Elan shares traded around $54 at that time.

Mr Geaney also exercised options over 30,000 shares at $8.31 each or at a total cost of $249,300. His shareholding in Elan after the two transactions is 1.12 million shares, worth more than $60 million.