Last Updated Nov 19, 2008 11:36 AM EST
In the nine months ended September 2008, Elan posted a net loss of $240.5 million. It is burning cash at a rate of more than $300 million a year, and it has $1.7 billion in debt that comes due over the next five years.Another patientwas reported with the PML brain infection in late October. The cases have hammered Elan's stock and CEO Kelly Martin says he doesn't think he can get a buyer for Elan's drug technology business in the current market. The whole thing is pouring a lot of cold water on Elan-boosters who thought the company -- and its shares -- was ripe for takeover.
Note: That Texas Democratic fundraiser who pulled all those strings to get Tysabri? He didn't make it.