Elan is axing 114 people, or 7% of the company, as it closes offices in Tokyo and NYC. The company is trying to focus its efforts on Tysabri’s Crohn’s market as well as trying to deliver on promises for bapineuzumab – a mid-stage long shot for Alzheimer’s. Elan has taken a freakin beating this year from decreased sales of Tysabri for MS. As a result, the stock has declined 64 percent this year.

What’s also crazy is that The Street voted Kelly Martin, Elan CEO, worst CEO of 2008! I guess he’s not so bad afterall – the news sent the stock up to $7.19 from $6.62 on Friday.

How about some of the exits to the 114 with no jobs?

Here’s the press release.

Image from ampainsoc

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