Elan Corp.

BETHESDA, Md., Feb. 02, 2021 (GLOBE NEWSWIRE) -- Gain Therapeutics, Inc. (“Gain”) today announced the addition of Dov Goldstein, M.D., Gwen Melincoff, Claude Nicaise, M.D. and Hans Peter Hasler as independent members to its Board of Directors. The new board additions will provide strategic guidance as the company focuses on identifying and optimizing allosteric binding sites that have never before been targeted to unlock new treatment options for difficult-to-treat disorders characterized by protein misfolding. In conjunction with the new additions, Dr. Lorenzo Leoni and Dr. Marianne Bjordal will be stepping down from Board. “We are pleased to welcome such a distinguished group of board members at this pivotal time for Gain,” said Eric Richman, Chief Executive Officer at Gain. “Their decades of experience across the biopharmaceutical industry will be invaluable as we continue to advance our pipeline and determine how our proprietary Site-Directed Enzyme Enhancement Therapy (See-Tx™) computational platform technology can best be leveraged to help patients in need of new treatment options. I look forward to working with Dr. Goldstein, Ms. Melincoff, Dr. Nicaise and Mr. Hasler.” Dr. Khalid Islam, Chairman of the Board, added, “I would like to thank Dr. Lorenzo Leoni and Dr. Marianne Bjordal for their important contributions and guidance during the last several years. With the addition of Dr. Goldstein, Ms. Melincoff, Dr. Nicaise and Mr. Hasler to our board, Gain is ideally positioned to build upon the considerable growth we’ve achieved over the past year. I am confident that these new directors will provide valuable insights and perspectives given their track records in research, clinical, regulatory and commercial. I look forward to their engagement and assistance in guiding our strategies and objectives to advance our pipeline of innovative and breakthrough therapies as Gain therapeutics continues its ongoing evolution.” Biographical Information Dr. Goldstein brings more than two decades of experience in the biotech industry to the Gain board of directors. He is currently the Chief Financial and Business Officer of Indapta Therapeutics, a biotechnology company focused on developing and commercializing a proprietary, off-the-shelf, allogeneic FcRγ-deficient natural killer (G-NK) cell therapy to treat multiple cancers and serves on the board of NeuBase Therapeutics. Prior to Indapta, Dr. Goldstein served as Chief Executive Officer at RIGImmune. From 2006-2019, he worked at Aisling Capital, a private investment firm. Dr. Goldstein also served as the Chief Financial Officer of Loxo Oncology, Inc. and Vicuron Pharmaceuticals, Inc., which was acquired by Pfizer, Inc. in September 2005. Dr. Goldstein has served as a director at ADMA Biologics, Inc., Esperion Therapeutics, Inc., and Cempra, Inc. (which was acquired by Melinta Therapeutics, Inc.). Dr. Goldstein received a B.S. from Stanford University, an M.B.A. from Columbia Business School, and an M.D. from Yale School of Medicine. He completed an internship in the Department of Medicine at Columbia-Presbyterian Hospital. Ms. Melincoff is a seasoned business development and venture professional with over 25 years of deal-making and management experience in the biotechnology and pharmaceutical industries. Ms. Melincoff is currently managing director at Gemini Advisors LLC, a biopharmaceutical consultancy, and an advisor to Verge Genomics, a startup drug discovery company and Agent Capital. Previously, Ms. Melincoff served as Vice President of Business Development at BTG International Inc., a UK-specialist healthcare company. Prior to BTG, Ms. Melincoff was Senior Vice President of Corporate Development at Shire Plc (acquired by Takeda). Additionally, she led the Shire Strategic Investment Group, the venture capital arm of Shire Plc. Ms. Melincoff was Vice President of Business Development at Adolor Corporation and held executive positions at Eastman Kodak for over ten years in a number of their health care companies. She serves on the board of directors of several biopharmaceutical companies, including Protalix Biotherapeutics, Inc., Collegium Pharmaceutical, Inc. and Soleno Therapeutics, Inc. and has previously served on the boards of Photocure ASA, Kamada Ltd. and Tobira Therapeutics Inc. Ms. Melincoff holds a B.S. in Biology from The George Washington University and an M.S. in Management and Health Care Administration from Pennsylvania State University. Dr. Nicaise is the founder of Clinical Regulatory Services, a company providing advice on clinical and regulatory matters to biotechnology companies. Dr. Nicaise serves on the board for Sarepta Therapeutics, Inc., chairs their Compensation committee, and is a member of their Research and Development committee. Since 2015, Dr. Nicaise has served as an Executive Vice President Regulatory at Ovid Therapeutics Inc., a company that develops medicines for orphan diseases of the brain. Dr. Nicaise was a Senior Vice President of Strategic Development and Global Regulatory Affairs at Alexion Pharmaceuticals from 2008 to 2014. From 1983 to 2008, Dr. Nicaise served in various positions of increasing responsibility at Bristol-Myers Squibb, including senior positions such as Vice President of Global Development, Vice-President of Worldwide Regulatory Science and Strategy, and leadership positions in Oncology, Infectious Disease, and Neuroscience development. Dr. Nicaise received his medical degree from the Université Libre de Bruxelles in Belgium. Mr. Hasler was the Chief Executive Officer of Vicarius Pharma AG, a privately held European Bio-Pharma company until 2020. He also is a Senior Advisor of SBTech Global Advisory. His prior experiences include Elan Corporation, Dublin, where he was Chief Operating Officer, and Biogen Inc., Boston, where his positions included Chief Operating Officer, and EVP, Head of Global Neurology and International. Previously, Mr. Hasler was at Wyeth Pharmaceuticals, Radnor/PA, as Senior Vice President, Chief Marketing Officer and Managing Director of Wyeth Group Germany, Münster. Mr. Hasler is Chairman of the Board of HBM Healthcare Investments AG in Switzerland (SIX), Chairman of the Board of Shield Therapeutics, London (AIM), and a Director of Minerva Neurosciences in Boston (Nasdaq). He holds a Federal Swiss Commercial Diploma and a Marketing Manager Certificate from the Swiss Institute of Business Economy SIB, Zurich. About Gain Therapeutics, Inc. Gain Therapeutics is redefining drug discovery with its See-Tx™ target identification platform. By identifying and optimizing allosteric binding sites that have never before been targeted, Gain is unlocking new treatment options for difficult-to-treat disorders characterized by protein misfolding. Gain was originally established in 2017 with the support of its founders and institutional investors such as TiVenture, 3G Future Health Fund (previously known as Helsinn Investment Fund) and VitaTech. It has been awarded funding support from The Michael J. Fox Foundation for Parkinson’s Research (MJFF) and The Silverstein Foundation for Parkinson’s with GBA, as well as from the Eurostars-2 joint program with co-funding from the European Union Horizon 2020 research and Innosuisse. In July 2020, Gain Therapeutics, Inc. completed a share exchange with Gain Therapeutics, SA, a Swiss corporation, whereby GT Gain Therapeutics SA became a wholly owned subsidiary of Gain Therapeutics, Inc. For more information, visit . Forward-Looking Statements Any statements in this release that are not historical facts may be considered to be “forward-looking statements.” Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties which may cause results to differ materially and adversely from the statements contained herein. Such statements include, but are not limited to, statements regarding Gain Therapeutics, Inc. (Gain) expected use of the proceeds from the Series B financing round; the market opportunity for Gain’s product candidates; and the business strategies and development plans of Gain. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include Gain’s ability to: make commercially available its products and technologies in a timely manner or at all; enter into other strategic alliances, including arrangements for the development and distribution of its products; obtain intellectual property protection for its assets; accurately estimate its expenses and cash burn and raise additional funds when necessary. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, Gain does not undertake any obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events. Gain Therapeutics Investor Contact: Daniel Ferry LifeSci Advisors +1 617-430-7576 daniel@lifesciadvisors.com Gain Therapeutics Media Contact: Cait Williamson, Ph.D. LifeSci Communications +1 646-751-4366 cait@lifescicomms.com

Staying up-to-date has never been simpler. Sign up for the free GenePool newsletter today! NEW YORK, June 7, 2013 /PRNewswire/ -- In accordance with Rule 17.1 and Rule 2.9 of the Irish Takeover Rules and Rule 14e-1 of the US Exchange Act, Echo Pharma Acquisition Limited ("Royalty Pharma") today announced acceptance levels of its Increased Offer for Elan Corporation (NYSE: ELN). Background On 2 May 2013, Echo Pharma Acquisition Limited ("Royalty Pharma") made an offer for the entire of the issued and to be issued share capital of Elan Corporation, plc ("Elan") (the "Original Offer"). On 20 May 2013, Royalty Pharma announced the terms of a revision to the Original Offer (the "Increased Offer"). The Increased Offer was made on 23 May 2013 and is an all cash offer of US$12.50 per Elan Share (including each Elan Share represented by an Elan ADS). The full terms of, and conditions to, the Increased Offer and the procedure for acceptance are set out in the revised offer document despatched by Royalty Pharma on 23 May 2013 (the "Revised Offer Document"). The initial closing date for the Increased Offer, as set out in the Revised Offer Document, was 1:00 p.m. (Irish time) / 8:00 a.m. (New York City time) on 6 June 2013 (unless extended). On 6 June 2013, Royalty Pharma announced that the closing date for the Increased Offer was extended until 1:00 p.m. (Irish time) / 8:00 a.m. (New York City time) on Friday, 21 June 2013 and will remain open for acceptance until that time (unless further extended). A reference in this announcement to the "Offer" means the Original Offer (including where the context so requires, any subsequent revision, variation, extension or renewal of the Original Offer, including in connection with the Increased Offer). Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Revised Offer Document. Royalty Pharma is making this announcement in accordance with Rule 17.1 and Rule 2.9 of the Irish Takeover Rules and Rule 14e-1 of the US Exchange Act. Level of Acceptances As at 1:00 p.m. (Irish time) / 8:00 a.m. (New York City time) on 6 June 2013 (being time and date the Increased Offer was due to expire), Royalty Pharma had received valid acceptances of the Offer (which had not been withdrawn) from Elan Stockholders in respect of 39,757,008 Elan Shares (including Elan Shares represented by Elan ADSs). These acceptances represent, at the applicable time: (1) approximately 7.4896% of the Maximum Elan Shares Affected (as defined in the Revised Offer Document) and which may be counted towards the satisfaction of the Acceptance Condition to the Offer (as set out in paragraph (a) of Part A of Appendix I to the Revised Offer Document); and (2) approximately 7.7779% of the issued share capital of Elan. So far as Royalty Pharma is aware, none of these acceptances have been received from persons acting in concert with Royalty Pharma. Interests in relevant securities As at the close of business on 5 June 2013, being the last practicable date prior to this announcement, J.P. Morgan and persons controlling, controlled by or under the same control as J.P. Morgan (except in any such case, in the capacity of an exempt market marker, and excluding any exempt fund manager) were interested in 65 Elan ADSs. As at the close of business on 5 June 2013, being the last practicable date prior to this announcement, BofA Merrill Lynch and persons controlling, controlled by or under the same control as BofA Merrill Lynch (except in any such case, in the capacity of an exempt market marker, and excluding any exempt fund manager) were interested in 438,140 Elan ADSs and 749,900 derivatives referenced to Elan ADSs. As at the close of business on 5 June 2013, being the last practicable date prior to this announcement, BofA Merrill Lynch and persons controlling, controlled by or under the same control as BofA Merrill Lynch (except in any such case, in the capacity of an exempt market marker, and excluding any exempt fund manager) held short positions in 759,312 Elan ADSs. As at the close of business on 5 June 2013, being the last practicable date prior to this announcement, Locus Global I, LP, an entity controlled by Rory Riggs, a director of RP Management (Ireland) Limited was interested in 772 Elan ADSs. As at the close of business on 5 June 2013, Alan Keating, a solicitor employed by Matheson who has since 30 May 2013 been actively engaged in relation to the Offer, was interested in 100 Elan Shares. Save as disclosed above, as at the close of business on 5 June 2013, being the last practicable date prior to this announcement, none of Royalty Pharma, RP Management or any person acting in concert with Royalty Pharma or RP Management had any interest, or held any short position, in any relevant securities of Elan. About Royalty Pharma RP Management is the investment manager to entities investing in royalty interests in marketed and late stage biopharmaceutical products, with a portfolio of royalty interests in 38 approved and marketed products (including Abbott's Humira®, Johnson and Johnson's Remicade®, Merck's Januvia®, Gilead's Atripla®, Truvada®, and Emtriva®, Pfizer's Lyrica®, Amgen's Neupogen® and Neulasta®, and Genentech's Rituxan®) and two products pending approval. Such product portfolio is well-diversified across biopharmaceutical products and treatment areas and consists of stable and long-dated assets and includes royalties on 8 of the top 20 selling pharmaceutical and biotech drugs by expected worldwide 2016 sales[1], and 9 products with over US$1 billion in annual sales. These entities have a longer than fifteen year history of providing value to holders of royalty interests, including a US$400 million purchase of 80% of Memorial Sloan-Kettering Cancer Center's Neupogen®/ Neulasta® royalty, a US$525 million joint acquisition with Gilead Sciences of Emory University's emtricitabine royalty interest, a US$650 million purchase of New York University's Remicade® royalty, a US$700 million acquisition of AstraZeneca's Humira® royalty, a US$700 million purchase of a portion of Northwestern University's Lyrica® royalty, a US$609 million acquisition of Astellas Pharma's patent estate and associated royalty stream relating to the use of dipeptidyl peptidase IV (DPP-IV) inhibitors for the treatment of type 2 diabetes including Januvia® and Janumet®, and most recently a US$761 million purchase of a portion of an interest in Biogen's recently approved Tecfidera (formerly BG-12) for the treatment of multiple sclerosis held by the former shareholders of Fumapharm AG. FURTHER INFORMATION The distribution of this announcement in, into, or from, certain jurisdictions other than Ireland, the United Kingdom and the United States may be restricted or affected by the laws of those jurisdictions. Accordingly, copies of this announcement are not being, and must not be, mailed or otherwise forwarded, distributed or sent in, into, or from any such jurisdiction. Therefore persons who receive this announcement (including without limitation nominees, trustees and custodians) and are subject to the laws of any jurisdiction other than Ireland, the United Kingdom and the United States who are not resident in Ireland, the United Kingdom or the United States will need to inform themselves about, and observe any applicable restrictions or requirements. Any failure to do so may constitute a violation of the securities laws of any such jurisdiction. Additional Notice to US Investors This announcement is not a substitute for the Revised Offer Document and the Revised Acceptance Documents or any other document that Royalty Pharma has filed and may the Securities and Exchange Commission ("SEC") (including the Original Offer Document) in connection with the Offer. ELAN STOCKHOLDERS ARE URGED TO READ ANY SUCH DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE INCREASED OFFER. Any such documents will be available free of charge through the website maintained by the SEC at or by directing a request to any of the persons listed above. The Offer is and will be made in the United States pursuant to the US Exchange Act subject to certain exemptive relief which has been granted in respect of the Offer by the SEC and otherwise in accordance with the requirements of the Irish Takeover Rules. Accordingly, the Offer will be subject to disclosure and other procedural requirements, including with respect to withdrawal rights, offer timetable, settlement procedures and timing of payments that may be different from those typically applicable under U.S. domestic tender offer procedures and law. In addition, the Original Offer Document, the Revised Offer Document and any other documents relating to the Offer have been or will be prepared in accordance with the Irish Takeover Rules and Irish disclosure requirements, format and style, all of which may differ from those in the United States. Elan is incorporated under the laws of Ireland. Some of the directors of Elan are resident in countries other than the United States. As a result, it may not be possible for United States holders of Elan Stock to effect service of process within the United States upon Elan or such directors of Elan or to enforce against any of them judgements of the United States predicated upon the civil liability provisions of the federal securities laws of the United States. It may not be possible to sue Elan or its officers or directors in a non-US court for violations of US securities laws. In addition, US holders of Elan Stock should be aware that, if Royalty Pharma elects to proceed pursuant to a scheme of arrangement (as described in the Original Offer Document and to be described in the Revised Offer Document), the federal securities laws of the United States may not be applicable. Additional Information Any response in relation to the Increased Offer (including any acceptance thereof) should be made only on the basis of the information contained in the Revised Offer Document, the Revised Acceptance Documents or any other document by which the Increased Offer is made. Royalty Pharma reserves the right, with the consent of the Irish Takeover Panel, to elect to implement the acquisition of Elan by way of court-approved scheme of arrangement under Section 201 of the Companies Act 1963 of Ireland. Responsibility Statements The directors of Royalty Pharma accept responsibility for the information contained in this announcement, save that the only responsibility accepted by the directors of Royalty Pharma in respect of the information in this announcement relating to Elan, the Elan Group, the Board of Elan and the persons connected with them, which has been compiled from published sources, has been to ensure that such information has been correctly and fairly reproduced or presented (and no steps have been taken by the directors of Royalty Pharma to verify this information). To the best of the knowledge and belief of the directors of Royalty Pharma (having taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. The managing member of RP Management accepts responsibility for the information contained in this announcement, save that the only responsibility accepted by the managing member of RP Management in respect of the information in this announcement relating to Elan, the Elan Group, the Board of Elan and the persons connected with them, which has been compiled from published sources, has been to ensure that such information has been correctly and fairly reproduced or presented (and no steps have been taken by the managing member of RP Management to verify this information). To the best of the knowledge and belief of the managing member of RP Management (having taken all reasonable care to ensure that such is the case), the information contained in this announcement for which he accepts responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. J.P. Morgan, together with its affiliate J.P. Morgan Cazenove (which is authorised and regulated by the Financial Conduct Authority in the United Kingdom), is acting exclusively for Royalty Pharma and RP Management in connection with the matters described in this announcement and for no one else, and is not, and will not be, responsible to anyone other than Royalty Pharma and RP Management for providing the protections afforded to clients of J.P. Morgan or its affiliates, or for providing advice in relation to the Increased Offer or any other matters referred to in this announcement. BofA Merrill Lynch, together with its affiliate Merrill Lynch International (which is authorised and regulated by the Financial Conduct Authority in the United Kingdom), is acting exclusively for Royalty Pharma and RP Management in connection with the matters described in this announcement and for no one else, and is not, and will not be, responsible to anyone other than Royalty Pharma and RP Management for providing the protections afforded to clients of BofA Merrill Lynch or its affiliates or for providing advice in relation to the Increased Offer or any other matters referred to in this announcement. Groton Partners is acting exclusively for Royalty Pharma and RP Management in connection with the matters described in this announcement and for no one else, and is not, and will not be, responsible to anyone other than Royalty Pharma and RP Management for providing the protections afforded to its clients or for providing advice in relation to the Increased Offer or any other matters referred to in this announcement. Forward-looking Statements This announcement may include certain "forward looking statements" with respect to the business, strategy and plans of Royalty Pharma and its expectations relating to the Increased Offer and Elan's future financial condition and performance. Statements that are not historical facts, including statements about Elan or Royalty Pharma or Royalty Pharma's belief and expectation, are forward looking statements. Words such as "believes", "anticipates", "estimates", "expects", "intends", "aims", "potential", "will", "would", "could", "considered", "likely", and variations of these words and similar future or conditional expressions are intended to identify forward looking statements but are not the exclusive means of identifying such statements. By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur. Examples of such forward looking statements include (but are not limited to) statements about expected benefits and risks associated with the Increased Offer; projections or expectations of profit attributable to shareholders; anticipated provisions or write-downs, economic profit, dividends, capital structure or any other financial items or ratios; statements of plans, objectives or goals of Elan, the Elan Group, RP Management or Royalty Pharma following the Increased Offer; statements about the future trends in interest rates, liquidity, foreign exchange rates, stock market levels and demographic trends and any impact that those matters may have on Elan, the Elan Group, RP Management or Royalty Pharma following the Increased Offer; statements concerning any future Irish, US or other economic environment or performance; statements about strategic goals, competition, regulation, regulatory approvals, dispositions and consolidation or technological or regulatory developments; and statements of assumptions underlying such statements. Forward looking statements only speak as of the date on which they are made, and the events discussed in this announcement may not occur. Subject to compliance with applicable law and regulation, Royalty Pharma is not under any obligation to update publicly or revise forward looking statements, whether as a result of new information, future events or otherwise. Rule 8 - Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Irish Takeover Rules, if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Elan, all "dealings" in any "relevant securities" of Elan (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by not later than 3.30 pm (Irish time) on the "business day" following the date of the relevant transaction. This requirement will continue until the date on which the Increased Offer becomes or is declared unconditional as to acceptances or lapses or is otherwise withdrawn or on which the Offer Period otherwise ends. If two or more persons co-operate on the basis of any agreement, either express or tacit, either oral or written, to acquire an "interest" in "relevant securities" of Elan, they will be deemed to be a single person for the purpose of Rule 8.3 of the Irish Takeover Rules. Under the provisions of Rule 8.1 of the Irish Takeover Rules, all "dealings" in "relevant securities" of Elan by Elan or Royalty Pharma, or by any of their respective "associates" must also be disclosed by no later than 12 noon (Irish time) on the "business day" following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed can be found on the Irish Takeover Panel's website at . "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Irish Takeover Rules, which can be found on the Irish Takeover Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, please consult the Irish Takeover Panel's website at or contact the Irish Takeover Panel on telephone number +353 (0)1 678 9020; fax number +353 (0)1 678 9289. No Profit Forecast / Asset Valuations No statement in this announcement constitutes a profit forecast for any period, nor should any statement be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Royalty Pharma, RP Management or Elan as appropriate. No statement in this announcement constitutes an asset valuation. [1] Based on Evaluate Pharma estimates for 2016 SOURCE Royalty Pharma Help employers find you! Check out all the jobs and post your resume.

Elan Corp has dropped a bit of a bombshell by revealing that its recent link-up with Johnson & Johnson could also give the latter an option to acquire the 50% stake held in the multiple sclerosis drug Tysabri held by the Irish firm’s partner Biogen Idec. Earlier this month, Elan sold an 18.4% stake in the firm and the rights to its portfolio of Alzheimer’s disease investigational drugs to Johnson & Johnson in return for $1 billion. However it appears that the deal also includes possible future access to Tysabri (natalizumab), which had second-quarter sales of $253.8 million; Elan’s share was $173.7 million. Under the terms of the Elan and Biogen joint venture, each company has the option to acquire full rights to Tysabri should there be a change of control at either firm. Speaking on a conference call discussing Elan’s second-quarter earnings, chief financial officer Shane Cooke noted how J&J could become involved. He noted that if something happens at Biogen, “and given the very significant value of Tysabri, it would be very difficult for us on our own to fund its purchase”. As a result, Elan has entered into a financing arrangement with J&J “that is relevant only should there be a change of control at Biogen”, which gives the US healthcare giant “the right to finance our purchase of the other half of Tysabri”. If J&J exercised that right, Mr Cooke said that Elan would then enter into a 50/50 collaboration with J&J. “We’re delighted with this aspect of the arrangement, as it potentially gives us great flexibility in the event of a change of control at Biogen”, he added. All of this is relevant only if there is a change of ownership at Biogen, which is not out of the question. The company was inviting approaches a couple of years ago but took the ‘for sale’ sign down in December 2007, a move which annoyed Carl Icahn. The billionaire investor has recently strengthened his position on Biogen’s board and while an imminent sale is highly unlikely, it is a tactic that Mr Icahn has pursued with some success of late. Analysts believe that the arrangement with J&J suits Elan perfectly as it pretty much takes away any uncertainty about its Tysabri partner if anything happens at Biogen.