Forest Laboratories Considers Bid for Elan Corp
According to two people familiar with the matter, Forest Laboratories Inc. is among the numerous companies that are interested to bid for Irish drugmaker Elan Corp Plc. Forest counts Carl Icahn as its major shareholder.
Elan Corp has a market capitalization of nearly US$7 billion. It has put itself up for a sale last week. The effort was to fend off a hostile bid from Royalty Pharma, a US investment firm.
On Wednesday, same sources said that Forest Laboratories is considering an offer for Elan. Forest is among several mid-sized drug manufacturers that are looking at the Irish drug firm. Sources asked not to be named as the auction is not made public.
The sources also cautioned that the talks are at an early stage and a possibility of the deal to not push through can still occur.
Representatives of Elan did not comment on the said auction. Spokesperson for Forest and Royalty Pharma also refused to give statements.