Elan Corporation plc is a biopharmaceutical company founded in 1969 that operates two business units: Elan Drug Technology and BioNeurology. Elan Drug Technology specializes in drug delivery technologies like NanoCrystal and oral controlled release, while BioNeurology focuses on developing treatments for neurological diseases. Elan has locations in Ireland, the US, Switzerland, Israel, and Bermuda and has partnerships to develop and commercialize numerous drugs using its proprietary technologies.

1. Elan Corporation plc.
Advancing science, changing lives
1

2. Safe Harbor
This is an independent study performed by
students from the Faculté des Sciences
Pharmaceutiques of Lille.
The opinions expressed are our own and not
necessarily those of Elan Corporation plc.
2

3. Overview of the company
• Created on 18 December 1969 by Donald Panoz
• Became a public limited company in January 1984
• Stock Exchange Listings
– New York Stock Exchange (ELN)
– Irish Stock Exchange (ELN.I)
• Elan Corp = 2 business units:
Elan Drug Technology BioNeurology
BioPharmaceuticals
Integrated technology Science and clinical based
• Oral Controlled Release • Parkinson’s disease
• NanoCrystal technology • Alzheimer’s disease
• Multiple sclerosis
3

4. Locations and subsidiaries in 2009
OCR
NanoCrystal
Others
Dublin
• Leased
• Headquarters
• 41,000 sq. ft
King of Prussia
• Leased Athlone
• R&D • Owned
• manufacturing, sales • R&D
• administration • manufacturing
San Francisco, CA • 113,000 sq. ft • administration
• 463,000 sq. ft
• Leased
• R&D Bermuda
Gainesville, GA
• sales Financial services
• Owned
• administration company
• R&D
• 334,000 sq. ft
• manufacturing
• administration
• 89,000 sq. ft
http://www.elandrugtechnologies.com/locations 4
Annual Report 2009

5. Elan Drug Technology’s pipeline
5
Elan website

6. Elan BioNeurology’s pipeline
Discovery Pre-clinical Phase I Phase II Phase III Marketed
Parkinson’s Bapineuzumab Bapineuzumab Tysabri
AAB-002 ELND006 SC IV
research (US/UE)
Natalizumab
Autoimmune
ELND007 (Myelome ACC-001 LY450139 Tysabri US
research
multiple)
Gamma
ELND004 ELND005 Prialt
secretase
Natalizumab
Alzheimer’s disease ELND002
SC
Azactam
Multiple sclerosis
Crohn’s disease
Chronic pain Maxepime
Other
6
Elan website

7. Elan
Drug
Technology
 History with Donald Panoz
 NanoCrystal and Oral Controlled Release
 Yesterday : Tricor, Skelaxin, Ritalin, Verelan
 Today : Ampyra, Invega Sustenna, Zypadhera
 Tomorrow ?

8. 1969 • Donald Panoz,, moves to Ireland and launches Elan Corporation.
1978 • Elan opens a research and development center in Athlone, Ireland
1984 • Elan floats its U.S. subsidiary on the NASDAQ
1990 • Elan absorbs its U.S. subsidiary and launches a full public offering on
the New York, London, and Irish Stock Exchanges.
• The company acquires a manufacturing operation in Lugano,
1993 Switzerland.
1995 • The company acquires a manufacturing facility in Israel.
• New strategic direction as a full-scale pharmaceuticals company with
1996 the acquisition of Athena Neuroscience in the United States
1998 • Elan acquires GWC Health and Neurex.
• Elan's stock collapses after the Securities and Exchange Commission
2002 launches an investigation into the company's accounting practices.8
• AN 1792: meningo-encephalitis

9. Business Overview
Expertise in drug formulation, development, scale-up & manufacture
• More than 30 products launched in 100+ countries
• 15 products in clinical development
• Extensive product development, scale-up and manufacturing capabilities in US and
EU
World’s leading drug delivery company
• 40 years of innovation and expertise in drug delivery
• Most successful drug delivery provider in US in recent times – 11 products launched
since 2001
Robust drug delivery portfolio in the industry
9

10. Elan collaborative model
10
Elan website

11. What is Nanocrystal Technology ?
 Technology using tiny drug particles in the nanometre scale
 The drug size is reduced by a proprietary milling technique
 GRAS stabilisers are absorded on the nanoparticle to afford agglomeration Objective: obtain a
 GRAS stabilizers must be safe and are excipients commonly used in colloïdal dispersion
marketed products ( fat acid, polymers)
11
Elan website

12. Effects of NaoCrystal on biovailability
• Nanocrystal technology is used:
 For poorly water soluble drugs: ↑ solubility ↑ bioavailability
 For moderately soluble drugs when high concentration is need in a low fluid volume
• Useful for all dosages forms both parenteral and solid ,liquid oral dosage forms
12

13. Point on Oral Controlled Release
Avinza, Cardizem, Naprelan Verelan Afeditab
Focalin, Ritalin,
Verelan, Luvox,
Zanaflex
13

14. Yesterday…
Trade name Generic name Indication Technology Parteners
Tricor® 145mg fenofibrate Dyslipidemia NanoCrystal
Skeletal-muscular
Skelaxin® metaxolone NanoCrystal
pain
Ritalin® Methylphenidrate/ OCR
Hyperactivity
/ Focalin® Dexmethylphenidate (SODAS)
OCR
Verelan® verapamil Cardiac disorders
(CODAS)
14

15. Tricor® : what’s that?
• API: micronised fenofibrate (prodrug)
• Indications: Dyslipidemia type IIa, IIb, IV, III,V
• 2004: Tricor® 145 launched by Abbott and manufactured by Elan using
NanoCrystal technology
• Could market lower dosage strength with 9% improve in bioavailability
• Minimised food effect:
 Class formulation: 30-50% fasting Vs 60-90% while eating
 Micronized formulation: bioavailability 100% without conditions.
• Patented formulation expiry on 9-Jan-2018
15

16. Today…
Trade name Generic name Indication Technology Parteners
Paliperidone
Schizophrenia NanoCrystal
palmitate
Fosaprepitant Emetogenic
NanoCrystal
dimeglutine chemotherapy
Olanzapine Schizophrenia NanoCrystal
OCR
Fampridine Cardiac disorders
(MXDAS)
16

17. Ampyra® (Fampridine) : What is it ?
• FDA approval on 22 jan 2010
• Indication : improved walking in patients
with multiple Sclerosis
• Extended released tablets using Oral release
technology MXDAS
• Mechanism = not fully elucidated =>
®
several hypotheses for Ampyra’s
mechanism:
 Fampridine is a broad spectrum potassium
channeblocker
 Fampridine increases conduction of action
potentials in demyelinated axons through
inhibition of potassium channels
 Increase acetylcholine release at the
neuromuscular junction
17

18. Ampyra: the deal
Elan and Accorda, a joint venture since 1998 for MS
US$35.7millions
from Accorda for the
drug delivery
Biogen paid:
upfront: US$ 110 millions
milestones: US$400 millions
16% of royalties for elan
manufacture in Athlone’s facility
rest of the world marketing
http://seekingalpha.com/article/184252-acorda-after-fda-approval-what-s-next-for-ampyra 18
http://www.iguanabio.com/acorda-biogen-in-ex-us-deal-for-fampridine-sr-no-us/

19. Ampyra®’s forecast sales
• Represents the sales in U.S
• Ampyra will be launched in March 2010
19

20. … and tomorrow for Elan Drug Technology
20
Elan website

21. Elan NeuroBiology
– Yesterday : Azactam®/Maxipime®, Prialt®
– Today : Tysabri ®
– Tomorrow :
• Alzheimer Immunotherapy Program
• Research in Parkinson’s disease
21

22. Timeline of Elan of market products
1995 • Maxipime® (Cefepime)
• Azactam® (Aztreonam)
1996 • Tysabri® (Natalizumab)
1998 • Prialt® (Ziconotide)
2000 • AIP Program
• From 1969 to early 1990’s : Elan only worked in drug delivery domains
• Then, Elan’s activities widened with collaboration from research to market of drugs
• Beginning of a new business unit called Elan Biopharmaceuticals 22

23. Maxipime® (cefepime) : what’s that?
• Semi-synthetic forth-generation cephalosporin
• Mechanism of action :
– Inhibits final transpeptidation of peptidoglycan synthesis in bacterial cell walls
– inhibiting cell wall biosynthesis
• Broad spectrum activity
• Indications
– respiratory tract infection
– skin infections
– urinary tract infections
– febrile neutropenia
– Intra-abdominal infections
The product was The basic U.S. patent
launched worldwide in for Maxipime expired
1995 in March 2007.
Elan acquired US Stop distributing
comarketing rights Maxipime as of
from BMS in January September 30, 2010.
23
1999

24. Maxipime® (cefepime) revenues
180
150
USD (Millons)
USD (Millions)
120
90 - 78%
60
30
0
Bristol-Myers Squibb Co
Elan Corp plc
24
Annual report 2009
Thomson

25. Prialt® (ziconotide)
25

26. Prialt® (ziconotide) : what’s that?
Member of the ω conotoxin family
o 25 aminoacids and 3 disulfide bonds
Pain
o prepared by chemical synthesis Transmitting
nerves
Pain signal
Targets N-Type voltage sensitive calcium
channels = > diminished neurotransmitter
release
Ziconotide
Intrathecal formulation
N-type
calcium
channel
Calcium
26

27. History of Prialt® (ziconotide)
May Neurex (now Elan) joined Warner-Lambert (now Pfizer) in a collaboration to cooperate in the development
1993 and commercialization of ziconotide for the treatment of brain ischemia
early phase II trials for the prevention of brain damage halted due to some patients experiencing hypotension.
1995 Neurex received permission from the FDA in May 1995 to resume these trials
Aug. 9th World Congress on Pain meeting in Vienna, Austria : results of a placebo controlled study into the use of
1999 intrathecal ziconotide in the treatment of chronic pain in opioid-resistant non-cancer patients
May 37th ASCO meeting in San Francisco : clinical data for chronic pain in cancer and AIDS patients
2001
9 Jul. Orphan designation granted by the European Commission
2001
Feb. Elan had reached an agreement with the FDA and had agreed to conduct one additional phase III
2002
2004 Pain Management 2004 meeting in London, UK
4th annual conference on Ion Channels in Drug Discovery Development in Philadelphia, PA.
Apr. Lauch market in the USA
2005
Mar. Eisai acquired the European rights to ziconotide from Elan
2006 Elan received ~ $60 million for the launch in key European markets +$40 million contingent on Prialt
achieving revenue related milestones in Europe.
2016 Expiration of fundamental U.S. patent covering the use of ziconotide
27
Thomson

28. Tysabri® (natalizumab)
28

29. Tysabri® (natalizumab) : what is it ?
• Humanized Monoclonal Antibody (recombinant IgG4)
• Targets selectively human α4-integrine
• Trade names : Tysabri®, Antegren®
Integrines α-4
• Expressed on cell membrane
• In association with β1 or β7 integrines
• Adherence molecules on activated T-cells, B-
cells, monocytes, eosinophils, basophils, leukocytes
, NK cells, dendritic cells, and vascular endothelium
of some organs.
• Implicated in leukocytes homing to CNS and GIT
29

30. Tysabri® dealings
1996 August 2000
Elan entered into a worldwide exclusive
Elan was collaborating with collaboration with Biogen for the joint
Axogen on the development of development, manufacture and
natalizumab commercialization of natalizumab.
1999 23-Nov-2004
Elan acquired Axogen Initially approved by FDA
for treatment of RRMS.
30

31. Tysabri®’s timeline
23-Nov-2004 25-Feb-2005 05-Jun-2006
FDA approval for Voluntary FDA approved a special
treatment of relapsing suspension of restricted distribution
forms of MS Tysabri market program for Tysabri
(TOUCH®)
18 MONTHS
18-Feb-2005 Mar- 2006 Jul-2006
Biogen learnt about 1 REMS presented to Tysabri’s reintroduction
case of death to PML FDA : advisory panel to the market
and 2 suspected cases voted to support the
of PML drug’s return
Drug Discovery Today Volume 12, Numbers 13/14 July 2007 31
Nature Biotechnology, Nov 2009,vol 27, Numero 11

32. Tysabri® and PML
• 25-Feb-2006: Confirmation of 3 cases of PML (initial trials: 3,417 patients)
 2 patients during MS trial (SENTINEL) + 1 patient in trial for Crohn’s disease
 All 3 were on combination therapy with another immunosuppressive drug
 No patients on Tysabri alone developed PML
• Progressive Multifocal Leucoencephalitis = opportunistic disease
 Agent = JC virus (Polyomavirus family)
 infects oligodendrocyts => local demyelinisation => neurologic dysfunction
 ~ 80% of population already met JCV before adult age => latent form (bone
marrow and kidneys)
• Natalizumab + another immune drug
 fixation of natalizumab on VCAM-1 and MAdCAM-1 of endothelial cells
 inhibition of T-cells homing
 uncontrolled replication of JCV in CNS
32

33. 33

34. Consequences on the stock
28-Mar-2005
25-Mar-2005
8,00 $
26,90 $
-67%
ELAN
25-Mar-2005 28-Mar-2005
67,28 $ 38,65 $
BIOGEN -50%
34

35. Tysabri®’s REMS: TOUCH® program
• 7-8 March 2006 : Risk Minimalisation Action Plan exposed to Peripheral and
Central Nervous System Drugs Advisory Committee Meeting => Goals :
o Warn patients about risk-benefit balance forTysabri use in treatment of MS patients.
o Contraindicated in immunocompromised patients
o Minimize health consequences of PML (death/disability) through early diagnosis
• Key elements of Tysabri Outreach: Unified Commitment to Health program
o Mandatory enrollment of prescribers, infusion sites, and afflilated central pharmacies
o Controlled distribution to authorized infusion sites and pharmacies
o Education program for health care providers and patients
o Safety surveillance of PML, serious opportunistic infections, and deaths
o Program evaluation of health outcomes, process compliance, and assessment of
knowledge
35

36. The benefit
• Natalizumab versus β-IFN is:
- Sligthly more effective (MRI data)
- Twice as effective (relapse-rate data)
- More effective (EDSS data)
• Many people strongly believe
that Natalizumab is the most
effective drug we currently have.
• Patients asked the right to choose
and accept the risk
Tysabri returned to the US market in July 2006 36

37. Top 5 Multiple Sclerosis Drugs in 2007 (m$)
N°5 !
 Will Tysabri marketing setback affecting its own sales and
Elan’s business ?
37

38. Tysabri® sales rose, fell… then rise again!
Total Tysabri revenues Elan corp revenues
350,0
300,0
250,0
200,0
150,0
100,0
50,0
0,0
Forecast Tysabri in-market net sales in 2013 : 1,3 b$
NB: Expected patent expiry by 2015
Life cycle management:
natalizumab SC
extension of indication to multiple myeloma
Nature Biotechnology, novembre 2009, vol 27, numero 11 Business Insights, 2009 38
Natalizumab, Thomson 2009 JP Morgan 220210

39. Existing and Emerging Therapies for MS
2005 2006 2007 2010 2011 2012 2013
Injectables Orals
BG 12 Oral
Oral Fumarate
Cladribine
Rebif
Teriflunomide
Betaseron
FTY 720 Laquinimod
Copaxone
Fampridine SB683699
ambulation indication?
Avonex
IV Novantrone IV Campath
Tysabri Rituximab
II - RRMS; III - PPMS
Generic
Mitoxantrone Daclizumab
(oncology) (MS)
MBP 8298 MLN1202
approved In phase II
In phase III Filed
39

40. Alzheimer’s disease
40

41. The Alzheimer Immunotherapy Program
Alzheimer
Immunotherapy
Program
Research, develop
Main product:
and commercialize
Bapineuzumab
selective products
Includes multiple
compounds being
evaluated for slowing
the progression of
Alzheimer's disease.
41
http://www.ihsglobalinsight.com/SDA/SDADetail17223.htm

42. Two approaches for Alzheimer’s disease
Mécanismes Moléculaires dans les Démences Neurodégénératives Inserm-UM2-EPHE U710
La maladie d’Alzheimer : aspects moléculaires, diagnostiques et thérapeutiques 42
Octobre 2009

43. Figure 6
Neuropsychopharmacology (2009) 34, 142–158;
doi:10.1038/npp.2008.115

44. Three Approaches to
Disrupting the Beta
Amyloid Cascade
Preventing production
Clearing existing beta
of beta amyloid in the
amyloid from the
brain with secretase
brain
inhibitors
Preventing
aggregation of beta
amyloid in the brain
(ELND005)
44

45. Tomorrow : AIP
Gamma
secretase Beta
ELND006 amyloid anti
ELND007 aggregation
Follows-on ELND005
P75 AIP Janssen Alzheimer
Bapineuzumab
modulator ACC-001
Immunotherapy
Follows-on Bapineuzumab
ACC-001
Beta Follows-on
secretase
45
JP Morgan 2009

46. The Deal
$885 M
18,4% Elan's capital
$ 500 M
IP Elan (AIP)
Estimated at $500 M
49,9% Janssen AI's capital
Royalties
Under conditions
46
BioCentury, the Berstein report on biobusiness July 6, 2009 Page A22 of 37
http://www.ihsglobalinsight.com/SDA/SDADetail17223.htm

47. The Deal
Transaction
J&J purchased 107.3 million Elan's shares at $8,241/share
J&J also agreed not to acquire any more shares for the next five years
Royalties : ONLY after J&J has earned profits from the AIP equal to its $500 M
Janssen AI: all annual in-market sales Royalties for Elan
$2 billion - $4 billion 5%
$4 billion - $ 10 billion 7%
> 10 billion 9%
The program will remain partnered with Wyeth, which was acquired by Pfizer Inc
(01/2009, $68 billion)
47
BioCentury, the Berstein report on biobusiness July 6, 2009 Page A22 of 37

48. Bapineuzumab (AAB-001)
• Name: AAB-001
• Other Name: Bapineuzumab
• Class: Humanized monoclonal antibody
• Therapeutic Applications: Mild to moderate AD
• Therapy Types: Protein : humanized monoclonal antibody against Aβ
• Mechanisms: Designed to bind and remove the Aβ peptide that accumulates in
the brain
• Development Status: Fast Track status from FDA in U.S
• FDA Phase: Phase III
• Side Effects:
– Passive immunotherapy will induce similar side effects is largely unknown.
One report has shown that frequency and severity of cerebral
microhemorrhage
– Vasogenic edema
48

49. Bapineuzumab (AAB-001) : Phase III
Design Multicentrique, randomized, double-blind, placebo-
controlled, parallel-assigned trial, studies
4 studies : 2 with ApoE4 (+) & 2 withApo E4 (-)
2 US trials and 2 European phase III trial
Safety Objective The safety and tolerability
Estimated study
Duration 18 Months
Dosing 0.5 mg/kg
1 mg/kg
Development Fast Track designation from the FDA
Source : http://www.elan.com/Images/Bapineuzumab%20_AAB-001_%20Backgrounder%20Final_tcm3-20147.pdf
http://clinicaltrials.gov/ct2/show/NCT00574132?term=bapineuzumab&rank=1
http://clinicaltrials.gov/ct2/show?term=bapineuzumab&rank=4 49

50. Forecast sales and market share for bapineuzumab
50

51. Research on Parkinson’s disease
• Several active early discovery efforts in Parkinson’s disease
• The Michael J. Fox Foundation for Parkinson’s Research Program « Novel
Approaches to Drug Discovery »
• In 2009, the program funded six research projects.
• 2006 : Michael J. Fox Foundation and Elan Commit up to $2 Million to Drive Novel
Therapies for Parkinson's
Annual report 2009 51
MJFF website

52. Our opinion about Elan Corporation plc.
• Financial Analysis
• SWOT
• Would we join Elan?
52

53. Major owners of Elan Corp. at 22-Feb-10
Janssen
Pharmaceuticals
18,4%
Shareholders Fidelity Management
50,3% and Research
Company
13,0%
Wellington
Management
5,9%
T. Rowe Price
4,1%
Westfield Capital
All directors and Norges Bank (The Management
officers as a group Central 3,2%
(18 persons) Bank of Norway)
2,0% 3,1%
53

54. Total product revenue for 2009
106 m$
38,4%
61,6 m$
22,3%
34,9 m$ 32,6 m$
12,6% 11,8% 22,1 m$ 18,7 m$
8,0% 6,8% 0 m$
0,0%
EDT business
24,8%
724,3m$
BioNeurology
86,5%
business
75,2%
81,4m$
16,5 m$ 13,2m$ 1,7m$
9,7%
2,0% 1,6% 0,2%
54
Annual Report 2009

55. Revenues from marketed products of BioNeurology
900
800
700
600
500 Maxipime
Prialt
400
Azactam
300 Tysabri
200
100
0
2004 2005 2006 2007 2008 2009
55
Annual Report

56. Elan Drug Technology: total revenue
350
300
250
Focalin XR / Ritalin LA
200
Skelaxin
Verelan
150
Tricor
Other
100
50
0
2004 2005 2006 2007 2008 2009
56
Annual Report

57. Five years performance : EBITDA improvement
Adjusted EBITDA
150
100
50
USD (millions)
0
-50
-100
-150
-200
-250
2005 2006 2007 2008 2009
57
Annual Report

58. Operating margin
50 31,9
0
2005 2006 2007 2008 2009
-50
USD (millions)
-100
-150
-143,5
-164,4
-200
-198,5
-250
-265,3
-300
58
Annual Report

59. The Balance Sheet
2008 2009
US$m US$m
Assets
Current Assets
Cash and cash equivalents 375.3 836.5
Restricted cash and cash equivalents -- current 20.2 16.8
Investment securities -- current 30.5 7.1
Deferred tax assets -- current 95.9 23.9
Other current assets 240.1 274.9
Total current assets 762.0 1,159.2
Non-Current Assets
Intangible assets, net 553.9 417.4
Property, plant and equipment, net 351.8 292.8
Equity method investment -- 235.0
Investment securities -- non-current 8.1 8.7
Deferred tax assets -- non-current 145.3 174.8
Restricted cash and cash equivalents -- non- 15.0 14.9
current
Other assets 31.5 42.9
Total Assets 1,867.6 2,345.7
Liabilities and Shareholders' Equity/(Deficit)
Accounts payable, accrued and other liabilities 334.8 311.5
Long-term debt 1,765.0 1,540.0
Shareholders' equity/(deficit) (232.2) 494.2
Total Liabilities and Shareholders' 1,867.6 2,345.7 59
Annual Report Equity/(Deficit)

60. Elan’s debt 2005-2009
Elan's long term debt
2500
2000 Due dates :
millions USD
1500
• November 2011:3OO m USD
• December 2013: 615 m USD
1000
• October 2016: 625 m USD
500
0
2005 2006 2007 2008 2009
Strong indebtedness => the success of AIP is essential
Elan plc is restricted among various other things :
• Incur additional debt
• Enter into transactions with related parties Widen
• Enter into some types of investment transactions; their capital
• Engage in some asset sales or sale and leaseback transactions
• Pay dividends or buy back our ordinary shares
• Consolidate, merge with, or sell substantially all our assets to another entity
60
Annual Report

61. 61
Annual Report

62. Five years performance : cost management
Operating expenses (m$) Approximate 5
700,0 years change
600,0
500,0
232,0 220,0 262,9 323,4
400,0 293,6 ↑ > 30%
300,0
200,0 360,0
359,0 339,3 292,7 268,2
100,0 ↓ > 20%
0,0
2 005 2 006 2 007 2 008 2 009
SG&A expenses R&D expenses
 Reduced SG&A and reinvest savings in R&D
62
Annual Report

63. Number of employees in Elan corp.
Number of employees in Elan corp.
700
600
500
R&D activities
400
Manufacturing and supply activities
Sales and marketing activities 300
General and administrative area
200
100
0
2005 2006 2007 2008 2009
R&D Manufacturing and Sales and General and
Year Total
activities supply activities marketing activities administrative area
2005 471 583 310 365 1729
2006 494 543 328 369 1734
2007 553 547 211 299 1610
2008 656 601 123 307 1687
63
Annual Report

64. Elan’s lawsuits
2002 2009
Elan vs Wolf Elan/J&J vs
Popper LLP Biogen
2008
Elan vs
Shareholders
64

65. Evolution of the stocks
AN1792 + Launch Results of
of Tysabri Bapineuzumab
Wolf popper LLP
CT
65
Tysabri withdrawal

66. Strengths Weaknesses
•Leadership position in drug delivery Important endebtedness
•Tysabri, its key product, sustaining the revenue growth •patent expiry and risk of generic competition
•Strategic alliances bolstering the company’s business •Geographic concentration enhancing business risk
•Tysabri marketing restricted indications affecting
Elan’s business
Elan Corp.
Opportunities Threats
• Focus on Alzheimer’s market, could be a source of • Intense competition from Avonex, Rebif against
revenues Tysabri in the MS drug market.
•Benefits to accrue from growing incidences of •Patent expiries could affect company’s Revenues
neurological disorders
•Legal proceedings could affect company’s
•Favorable demographic shift increasing Alzheimer drug Reputation
market
•Reimbursement policies could affect company’s
product sale
66

67. Conclusion
• An important debt and short due dates.
• Cash flow left only for 12 months!…
• Tysabri revenues will not be enough.
• No more constant revenues from
BioNeurology business unit.
• Elan depends on the success of the AIP,
especially on bapineuzumab success .
• So ?…
67

68. Thanks for your attention!
Any question?
68

69. Fibrates : Mechanism of action
 Excrétion cholestérol et acides
biliaires
 ß-oxydation
fibrates
 Apo-A1, Apo-A2 ( HDL)
 LPL, Apo-CIII
PPAR-α
 TG synthesis
 HDL
PPAR-α RXR  VLDL
 Serum homocysteine*
 risk of venous thrombosis
 ß -oxydation
 LPL
69

70. Molecular basis of the activity of fibrates
Activation by exogeneous ligands, e.g. fibrates
Regulation of the
heterodimerisation expression of genes
(liver, heart, vessels)
PPAR-α RXR Biological effects
Lipid
metabolism, athéroscleros
is, inflammation (?)
PPRE
Peroxysome Proliferator
Responsive Elements
70

71. Dyslipidemia classification
71