Elan has announced completion of the separation of a substantial portion of its drug discovery business into a new independent, publicly traded company, Prothena.
Prothena, which is incorporated in Ireland, commenced trading on the NASDAQ Global Market under the ticker symbol "PRTA".
Under the terms of the demerger, Elan shareholders on the register on December 14, 2012, the record date, received one Prothena ordinary share for every 41 Elan ordinary shares or ADSs held.
In addition a wholly owned subsidiary of Elan subscribed 26 million and received Prothena shares representing 18% of the total outstanding ordinary shares of Prothena as calculated immediately following the subscription by Elan.
Accordingly, on completion of the transaction, Elan shareholders directly and indirectly own 100% of Prothena by virtue of their direct ownership of 82% of Prothena's outstanding shares and indirect ownership of 18% of Prothena's outstanding shares.
Elan is a neuroscience-based biotechnology company.
