Citigroup has been brought in to assess the business of Dublin-based biotechnology firm
Elan Corporation, in a strategic review. A merger, sale or strategic alliance are some of the options being considered.
The move follows rumours that Pfizer, the world's largest pharmaceuticals group, might be interested in the company. Elan, however, has denied any discussions.
Elan, last month, announced plans to save up to £17.2 million with 114 redundancies, and office closures in Tokyo and New York.
Shares at Elan have declined by 70 per cent over the past six months following safety concerns surrounding Tysabri, its multiple sclerosis drug, as well as weak results from a trial of its Alzheimer's medicine.
The strategic review is being undertaken due to the firm's internal requirement for wider commercial capabilities, according to Chief Executive Kelly Martin.
Elan, has a market value of $3.7 billion, and could attract rival drugmakers such as Biogen and Wyeth in a potential sale.
