Elan to ask holders of 8¾% notes due 2016 to approve Neotope spinoff

By Susanna Moon

Chicago, Aug. 13 - Elan Corp., plc said it needs to get the approval of noteholders of its 8¾% senior notes due 2016 for the planned spinoff of the discovery science and Neotope Biosciences.

The board of directors has already approved the deal and that it will seek noteholder and shareholder approval as soon as possible, according to a company press release.

The company plans to complete the spinoff, with a separate listing for Neotope Biosciences on a U.S. exchange, by the end of the year.

Elan is a neuroscience-based biotechnology company based in Dublin.

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