Merrill retains Elan at sell

Elan Corp. plc was kept at a sell by Merrill Lynch analyst Erica Whittaker after Transition Therapeutics and Elan agreed to develop and commercialize AZD-103, a small molecule in phase 1 for Alzheimer's disease. Elan will pay Transition $15 million upfront, with regulatory filing and launch of AZD-103 triggering milestone payments of up to $185 million. Both companies will share costs and profit, according to the analyst. Shares of the Dublin, Ireland-based biotechnology company were up 2 cents, or 0.13%, at $15.54. (NYSE: ELN)

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