Irish pharmaceutical company Elan advanced 0.7 per cent to €7 on early morning trading in London after saying last night it had gained additional proceeds of around $70 million through four transactions as the group seeks to cut debt.
The company announced that it had sold four non-core businesses for $70m including operations in Switzerland and Italy as well as an commercial property in San Diego.
According to CEO Mr Kelly Martin the deals are consistent with the company's strategy of focusing on core areas and developing its drug pipeline.
Earlier this month the group announced that chronic pain drug Prialt was on course to reach the market early next year after passing a key clinical trial.
Elan said it expected to file an amendment to its New Drug Application to the US Food and Drug Administration for Prialt in the second quarter of 2004, and release the treatment no later than the first quarter of 2005.