Elan has sold the rights to its cancer treatment drug Actiq for $50 million in cash as part of its plan to raise $1 billion as part of its recovery scheme.
Actiq is used for the management of breakthrough pain in patients with malignancies who are already receiving and who are tolerant to opioid therapy for their underlying persistent cancer pain.
In the first six months of 2002, Elan recorded net revenue for Actiq of $800,000. The carrying value of the Actiq intangible asset as at August 31st, 2002, amounted to $8.4 million.