• Elan Corp. plc, of Dublin, Ireland, said it raised about $381 million in net proceeds from the sale of 76 percent (21.15 million ordinary shares) of its holdings in Alkermes plc, also of Dublin, with proceeds to further strengthen its cash balances and capital structure. Elan gained about 31.9 million Alkermes shares, along with $500 million in cash, in September 2011, when it combined its Elan Drug Technology business with Alkermes Inc. Following the latest transaction, Elan holds about 7.75 million Alkermes shares. (See BioWorld Today, May 11, 2011.)

• Salix Pharmaceuticals Ltd., of Raleigh, N.C., priced an offering of $600 million of 1.5 percent convertible senior notes due March 15, 2019, to institutional buyers and granted the buyers an option to purchase up to an additional $90 million in notes to cover overallotments. The notes are convertible into cash, shares of Salix common stock or a combination of the two, at Salix's election. The initial conversion rate is 15.1947 shares of Salix's common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of about $65.81 per share of common stock. The price represents a premium of approximately 35 percent over the March 12 closing price of Salix shares (NASDAQ:SLXP), which was $48.75. In connection with the offering, Salix entered into privately negotiated convertible note hedge transactions and privately negotiated warrant transactions. Salix said it would use the proceeds to repurchase a portion of its outstanding 5.5 percent convertible senior notes due 2028, to repurchase up to $75 million of its outstanding common stock and for business development and other general corporate purposes.