Strategic talks were held last month between Irish drugmaker
, but they broke down in the early stages,
reports, citing a source familiar with the matter.
The talks were at an early stage and never got down to price, according to
It was reported over the weekend that Bristol-Myers was vying for a minority stake in Elan and could eventually take over the Irish biotech firm. The
Wall Street Journal
reported an agreement could be reached as early as this week.
reports the source said discussions never got far enough to focus on a potential minority stake in Elan. It was unclear whether talks between Elan and Bristol-Myers might resume at a later date.
Elan markets multiple sclerosis drug Tysabri with
. The company also is developing a high-profile experimental drug for Alzheimer's disease in partnership with
, which analysts said might have interested Bristol-Myers,
Back in January, Elan hired Citigroup as an adviser to review alternatives, including a minority investment, an alliance, or a merger or sale of the company.