Elan looks to spin Alzheimer's research into South S.F.-based company

Fresh from the failure of an Alzheimer's disease drug, Elan Corp. plans to spin off its South San Francisco-based Neotope research organization into a separate company. Neotope was established in 2010 to identify targets for chronic degenerative diseases and other diseases, the company said, but the spinoff depends on approval by shareholders and holders of Elan's 2016 notes. If approved, Elan (NYSE: ELN)) said, a listing for Neotope Biosciences could be on a U.S. exchange by the end of this year. The company would be incorporated in Ireland, which also is Elan's home.