Elan Pharmaceuticals history

In 1990, Elan Corporation became the first Irish company to list on the New York Stock Exchange, listing in Dublin and London at the same time.

The company became the first to receive FDA approval for its nicotine patch in 1992.

1993: The company acquires a manufacturing operation in Lugano, Switzerland.

1995: The company acquires a manufacturing facility in Israel.

In 1996, the company accelerated its expansion, establishing itself as a full-scale pharmaceuticals company when it acquired Athena Neuroscience in the US, a company that came complete with its own sales force.

1998: Elan acquires GWC Health and Neurex.

In 1999, the US regulator, the Securities and Exchange Commission (SEC), had raised a series of issues about Elans numbers, especially in the area of research and development, where the company operated myriad joint ventures.

In 2000, the company completed several major acquisitions, including the $1.8 billion stock swap purchase of Dura Pharmaceuticals.

Investor belief in the prospects of the business saw the company become the largest constituent on the Irish Stock Exchange, with a valuation in excess of €20 billion in 2001.

When news came out that Elan had come under SEC investigation, the group's stock price plummeted--and Elan's market value plunged from a high of $22 billion to less than $800 million by 2002.

It was widely believed at the time that his new role was to prepare Elan for sale, a view corroborated by the fact that his contract included a clause which promised a $5m bonus if the company was sold in 2003, and $3m if it went the following year.

In the face of these difficulties, Elan has engaged a companywide "recovery plan," completed at the beginning of 2004, which involved a number of divestments and the slashing of its payroll by more than half.

News in May 2007 that Elan was moving a series of Alzheimers treatments to clinical trials saw shares jump again by a third to almost $20.

A request from the SEC for all information relating to the June 2008 Bapi announcement and the announcement of new cases of PML just weeks after a bullish update on Tysabri served to fuel investor anger.

Schuler established a website, fixelan.com, which became a forum for shareholder discontent, and in June of 2009, he became a nonexecutive director of the company.

Sales of the drug climbed 18% to more than $850m in 2010.