Sept. 4, 2002 — An Irish drug company reportedly is selling its nanotech drug delivery unit as part of a major overhaul.
Elan Corp. plans to sell Elan Drug Delivery Inc., formerly NanoSystems LLC, though no timetable has been announced. The company said it seeks to divest its NanoCrystal technology and other drug-delivery technologies to focus on its pharmaceutical business, according to the Philadelphia Business Journal.
NanoSystems was formed in 1993 by Eastman Kodak to make and sell nanoparticles for faster, more effective delivery of drugs. Elan acquired the business in 1998 in a deal valued at $150 million, according to the report.
The news follows several setbacks for Elan this year, which include an aborted clinical test of its Alzheimer’s disease treatment, shareholders’ complaints about accounting practices and the resignation of its chief executive and deputy chairman.