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Elan Sells Prialt European Rights

The company could ultimately receive up to $100 million in cash from the agreement.
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Irish drugmaker

Elan

(ELN)

agreed to sell the European rights to Prialt, a treatment for severe chronic pain, to Japan's Eisai. Elan will retain the rights to the product in the U.S.

Elan said Thursday that it could ultimately receive up to $100 million in cash from the agreement. The company expects to complete the transaction in the first quarter. Elan will record a gain of more than $40 million when the deal closes.

"Elan will continue to market Prialt in the U.S. and we look forward to working closely with Eisai on providing patients with a unique and effective choice in the treatment of severe chronic pain," the company said.

The American depositary receipts of Elan were trading up 23 cents, or 1.6%, to $14.63 in New York.