Elan is hoping to conclude a quick sale of Elan Drug Technologies after it received first-round bids for the drug delivery unit.
Sources close to the deal have predicted that EDT could be sold for as much as $1.4 billion.
The decision was made to sell the development unit so that Elan can concentrate on its own biotech drugs.
This course of action had been on the cards for some time, but was fast-tracked following recent renewed safety concerns over multiple sclerosis drug Tysabri and disappointment with tests of an experimental Alzheimer's therapy.
Shares in Elan have slumped two-thirds on the twin setbacks. They had been trading at over €20, but closed at €7.47 in Dublin yesterday.
It is hoped that a successful sale of EDT could help bolster the share price.
