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Elan president Kleyy Martin said: “King Pharmaceuticals has made a number of public statements that call into question its willingness to honor its obligation to complete the transaction in accordance with its agreement.
“Any refusal by King to close the transaction in accordance with its agreement has no basis and is unjustified.”
The $850 million deal is a crucial part of Elan’s recovery plans since its devastating slump in January 2002.
Following a Wall Street Journal article questioning Elan’s accounting practices, the once-mighty Irish company lost 90 percent of its market value.