11 Jul 2009

Drug company to delist in London

8:48 am on 11 July 2009

Irish drugmaker Elan Corp is to delist from the London Stock Exchange due to low volumes.

However, the company said on Friday it would retain its primary Dublin listing and a presence on the New York Stock Exchange.

Last week, Johnson & Johnson said it had agreed to pay $US1 billion for an 18.4% stake in Elan. It would also acquire a major stake in Elan's portfolio of experimental drugs to treat Alzheimer's disease.

Elan said it did not expect that the change in listing would have any material impact on trading or liquidity. The change is due to take effect on 10 August.