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Elan(ELN Quote) CEO Kelly Martin deserves praise for shepherding last week's deal with Johnson & Johnson(JNJ Quote) that puts the Irish drugmaker on firmer financial footing.
Given that I awarded Martin the ignominious honor of being the Worst Biotech CEO of 2008 last December, it only seems fair to pat the guy on the back when he does good for Elan and its shareholders.
Elan's balance sheet desperately needed an overhaul, which Martin helped deliver. J&J is taking an 18.4% ownership stake in Elan for $1 billion. The cash drastically reduces Elan's net debt to $400 million from $1.4 billion. Martin tells me that some, not all, of the J&J cash will be used to pare down the $1.1 billion in debt that starts coming due in 2011. ...
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