Elan Corp. to lay off 230 employees

DUBLIN, Ireland Irish biotech company Elan Corp. will lay off about 230 employees, half of them in the United States, the company announced Wednesday.

Most of the positions to be eliminated are in research, clinical development, biopharmaceutical development, corporate support and administrative services. The company said the layoffs and other adjustments will save about $50 million in a full year, some of which the company will invest in the development of its pipeline.

"As we continue to advance the company, we remain committed to the precise and specific investment in new talent, new technologies and novel therapeutic opportunities in the neuroscience field," Elan CEO Kelly Martin stated. "This will further strengthen our core business areas that bring the greatest potential value to patients and shareholders, and enable us to invest in our most valuable programs within the biopharmaceuticals and Elan Drug Technologies businesses."