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Irish drugmaker Elan and Bristol-Myers Squibb held strategic discussions last month, but they broke down in the early stages, a source familiar with the matter said Tuesday.
"The talks were in the early stages, and never got down to price" of a potential transaction between the two drugmakers, said the source, who asked not to be named.
Another source last weekend said Bristol-Myers [BMY
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] had been negotiating for a minority stake in Elan [ELN
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], which markets fast-growing multiple sclerosis drug Tysabri with U.S. biotechnology company Biogen [BIIB
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].
Elan is also developing a high-profile experimental drug for Alzheimer's disease in partnership with Wyeth [WYE
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], which analysts said might have helped draw Bristol-Myers' interest. But the source Tuesday said discussions never got far enough to focus on a potential minority stake in Elan.
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"The discussions were very early on when information (about the talks) was leaked out," the source said, adding that a second suitor for Elan had appeared by that point.
The source said it was unclear whether talks between Elan and Bristol-Myers could resume at a later date. Another source said Tuesday that the talks were complicated by price and Elan's drug partnerships, suggesting they were further along.
Elan and Bristol-Myers declined to comment on the matter.
In January, Elan hired Citigroup to conduct a strategic review of its business, which it said at the time could lead to a sale or merger of the company. Elan has been under pressure from investors critical of Chief Executive Kelly Martin's leadership and the state of the biotech company, which is burning through cash at a rapid rate.
"We will not comment on the strategic review process until it's completed," Mary Stutts, Elan's senior vice president of corporate relations, said Tuesday. "We're not going to comment about it until a deal is actually done."
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