Market Overview

Elan Completes Demerger of Prothena Corporation

Elan Corporation, plc (NYSE: ELN) today announced completion of the
separation of a substantial portion of its drug discovery business (the
Prothena Business) into a new independent, publicly traded company,
Prothena Corporation plc (Prothena). Prothena, which is incorporated in
Ireland, today commenced trading on the NASDAQ Global Market under the
ticker symbol “PRTA”.

Under the terms of the demerger, Elan shareholders on the register on
December 14, 2012, the record date, received 1 Prothena ordinary share
for every 41 Elan ordinary shares or ADSs held. In addition a wholly
owned subsidiary of Elan subscribed $26 million and received Prothena
shares representing 18% of the total outstanding ordinary shares of
Prothena (as calculated immediately following the subscription

See full press release

Posted-In: News Guidance Management M&A Global

 

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