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European private equity firm Cinven withdraws Elan offer21/08/2008. Source: AltAssets. 
 European buy-out house Cinven has reportedly dropped out of the auction to acquire pharmaceutical business Elan Drug Technologies, part of Irish pharmaceutical firm Elan Corporation. Private equity firms Bain Capital and TPG remain in the auction, according to reports.
EDT focuses on pharmaceutical product development, scale-up and manufacturing. The company is expected to fetch around $1.5bn.
Cinven focuses on investments in the business and financial services, healthcare, industrials, retail, leisure and consumer and TMT sectors.
The firm recently acquired a 50 per cent stake in Indicus Advisors, an alternative investment manager focusing on European leveraged finance and global structured credit.
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