Elan Corporation said it completed the retirement of $242.8 million of its outstanding debt due in 2008.
The withdrawal in February of the company's lead product, Tysabri for multiple sclerosis, led to concern that Elan would struggle to repay its debt.
The drug was pulled after it was linked to three cases of a rare brain disorder, leaving experts questioning whether the drug would be able to return to the market, and casting a shadow over the company's future.
Last week, Elan retired $211.8 million of the outstanding debt due in 2008 and said a further $31 million repayment would close shortly.
Today’s debt repayment leaves $254 million of its 6.5 per cent convertible note due in 2008 payable.
Elan said $36.8 million of its Athena Notes held by a subsidiary of Elan and are expected to remain outstanding.
Further to today's debt repayments, Elan's $206 million 6.5 per cent convertible note, which traded on the Irish and London stock exchanges, has been cancelled.
