Biogen mulling bid for Ireland's Elan

U.S. drug company Biogen Idec is considering an all-share bid of more than 8.5 billion euros ($10.6 billion) for Irish peer Elan, a newspaper reported on Sunday.

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Biogen and Elan, who are seeking regulatory approval for their jointly-developed Antegren multiple sclerosis treatment, are in friendly talks about "future arrangements," Ireland's Sunday Tribune quoted well-placed U.S. sources as saying.

A deal could be struck within nine months, the paper said, adding that Biogen was mulling an all-share offer valuing Elan, which has a market value of 6.64 billion euros, at well in excess of 8.5 billion euros -- a premium of more than 28 percent.

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The Sunday Tribune said it was understood that contact between the two companies had increased substantially in recent weeks as Elan gets its house back in order after a 2002 brush with bankruptcy amid worries over its accounts.

Elan, which is less than half the size of Biogen in terms of both revenue and market value, could not immediately be reached for comment on the report.