Elan Corporation Turnaround

Case Solution

James Shein, Robert Anstey, Nathan Lang
Kellogg School of Management ()

The case begins with the newly appointed Acting Chairman and CEO Garo Armen, addressing the significant issues facing Elan Corporation, an Irish pharmaceutical company. The share price plummeted 96% following allegations of accounting fraud and the interruption of a major clinical trial due to the drug’s serious side effects. As a result, Elan is threatened with bankruptcy. Approximately $ 2 billion in debt that was pending liquidation for shares is about to expire, and there are questions about the structure of the company and various operational problems. Poor is also concerned about the ethical consequences of the company’s failure to develop life-saving drugs. Armen has to decide how to develop vigor and what strategy to follow. The operational and financial issues discussed in this case are further complicated by Elan’s status as an Irish company with significant international operations. The case ends with Armen pondering his decisions, which students must critique and suggest alternatives, as well as an open decision on choosing a successor to the CEO.

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