Elan Mulling Possible Sale, Merger

Updated from 5:32 a.m. EST

Biotechnology company Elan(ELN Quote) has hired an adviser to review alternatives, including a minority investment, an alliance, or a merger or sale of the company.

Elan, Ireland's biggest drugmaker, said Tuesday that Citigroup Global Markets will conduct the review with a goal to "secure access to the necessary financial resources and commercial infrastructure" to allow the company to speed development and commercialization of its pipeline and product portfolio while building long-term value for its shareholders.

"Given our many scientific, clinical and commercial opportunities and the capabilities of the industry participants that surround us, the board of directors has determined that this is an appropriate time for the board to explore potential alternative paths forward for the company," said Chairman Kyran McLaughlin in a statement. ...