Elan Corporation today announced a number of management changes as part of plan to revive the company’s fortunes.
Mr Shane Cooke, currently Elan’s chief financial officer, will take charge of all operational finance activities through a single, consolidated finance function. Mr Seamus Mulligan will have responsibility for global business development and planning for Elan.
Mr Lars Ekman will head all R&D within Elan other than research and development at the King of Prussia site in Pennsylvania. This site will focus primarily on the provision of NanoCrystal and complementary drug delivery technologies to its client base.
Commenting on the reshuffle, Elan’s chief executive Mr Donal Geaney said: "In order to streamline our business, we need to fundamentally change and reshape our organisation to meet the challenges that we face to become a fully integrated biopharmaceutical company".
Elan shares were down 65 cent at €7.60 on the Dublin market this morning. The share have lost 84 per cent of the value since the start of the year.