ELAN Corporation is to exercise its option to acquire 100 per cent of the outstanding stock of Advanced Therapeutic Systems (ATS) at $36 (£22) per share at a total cost of $141 million. The transaction will be completed before the end of October and Elan will incur a one time charge of about $141 million in the quarter to September, 1996. ATS was formed in May 1993 and subsequently funded through a rights offering to Elan shareholders.
Elan to exercise ATS option
ELAN Corporation is to exercise its option to acquire 100 per cent of the outstanding stock of Advanced Therapeutic Systems (…
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