Elan Corp. plc and Advanced Therapeutic Systems (ATS), a newcompany established by Elan, have received subscriptions forunits in excess of the maximum amount of units offered intheir subscription offering. The maximum number of units, 3.9million, will be issued at $20 per unit.
The aggregate gross proceeds in the offering will be $78.5million. This is in addition to a contribution of $35 million incash from Elan Corp. plc. of Athlone, Ireland.
The units will be listed on the American Stock Exchange andwill trade under the symbol ELN.E. Each unit consists of onecallable common share (represented by an Americandepositary share) of ATS and one five-year warrant to acquirea common share (represented by an American depositaryshare) of Elan at $39.26 per share.
All proceeds of the offering will be paid to ATS, which willdevelop through Elan and pursuant to a development contract,certain products based on Elan's proprietary technology.
Elan's stock (ASE:ELN) closed at $31.25 a share on Wednesday,up 50 cents.
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