Pharma Operating, Ltd.
Pharma Operating, Ltd. is a private company incorporated in Bermuda on 26 April 2000 and registered with the Bermuda Registrar of Companies under company number 28268. No official company website is on file, and none was identified during independent research. Bermuda’s registry does not publish a description of business activity for exempted companies of this kind, but filings made by Elan Corporation, plc, an Irish pharmaceutical company listed on the New York Stock Exchange, with the United States Securities and Exchange Commission identify Pharma Operating, Ltd. as the wholly-owned operating subsidiary of Pharma Marketing Ltd., a separate Bermuda-domiciled financing vehicle. According to those filings, Pharma Marketing Ltd. completed a private placement of its common shares to a group of institutional investors in June 2000, raising gross proceeds of $275.0 million, and Elan stated that it held no investment in Pharma Marketing Ltd. and had no representative on its board. At the same time, Pharma Marketing Ltd. entered into a risk-sharing arrangement with Elan under which Pharma Operating, Ltd. acquired royalty rights to several Elan products, including Frova, Myobloc, Prialt, Zanaflex and Zonegran, and later Sonata following a December 2001 amendment. In January 2003, Pharma Operating, Ltd. filed a lawsuit against Elan in the Supreme Court of the State of New York concerning Elan’s proposed sale of its Sonata interest; the parties reached a settlement later that month. Following Elan’s June 2003 sale of its Sonata and Skelaxin business to King Pharmaceuticals, Inc., Elan paid Pharma Operating, Ltd. $196.4 million to reacquire the Sonata and Prialt royalty rights, and in November 2003 paid a further $101.2 million to reacquire the remaining Zonegran, Frova and Zanaflex royalty rights, at which point Elan stated that all of its agreements with Pharma Marketing Ltd. were terminated. No source reviewed describes any business activity for Pharma Operating, Ltd. after 2003, and its current operating status could not be independently confirmed.
- Company fundamentals
- Corporate linkage & group structures
- Digitized company financials
- Firmographics — websites, social profiles, revenue and employee estimates
Shareholders
Shareholders of Pharma Operating, Ltd.
No shareholder register is publicly available for Pharma Operating, Ltd. through a free search of the Bermuda Registrar of Companies, which restricts shareholder and beneficial-ownership filings for exempted companies to paid or authenticated searches. Filings made by Elan Corporation, plc with the United States Securities and Exchange Commission describe Pharma Operating, Ltd. as a wholly-owned subsidiary of Pharma Marketing Ltd., a separate Bermuda entity. Those filings state that Pharma Marketing Ltd. completed a private placement of its own common shares to a group of institutional investors in June 2000, raising gross proceeds of $275.0 million, but the filings do not name the individual institutional investors or disclose their respective shareholdings. Elan stated explicitly that it held no investment in Pharma Marketing Ltd. and had no representative on its board, indicating that Pharma Operating, Ltd. and its parent were independent of Elan’s own shareholder base. On-file registry data for this company, registration number 28268, does not display shareholder information.
Ultimate beneficial ownership
No ultimate beneficial owner has been identified by an authoritative source. Elan’s SEC filings confirm that Pharma Operating, Ltd. is wholly owned by Pharma Marketing Ltd., but they do not identify the institutional investors who held Pharma Marketing Ltd.’s common shares, and no complete, dated ownership chain is available to calculate an effective ownership percentage for any individual or entity.
Data availability
Restricted. Bermuda’s Registrar of Companies does not provide free public access to shareholder or beneficial-ownership filings for exempted companies such as Pharma Operating, Ltd. The one confirmed ownership fact, that Pharma Operating, Ltd. is wholly owned by Pharma Marketing Ltd., comes from Elan Corporation, plc’s SEC filings rather than from the Bermuda registry itself.
Sources
- On-file Bermuda registry data for Pharma Operating, Ltd., company number 28268 (shareholder information not publicly displayed)
- Elan Corporation, plc, Annual Report on Form 20-F for the year ended 31 December 2002, filed with the U.S. Securities and Exchange Commission on 4 September 2003, Exhibit 10.5, describing Pharma Operating, Ltd. as a wholly-owned subsidiary of Pharma Marketing Ltd.
- Elan Corporation, plc, Annual Report on Form 20-F for the year ended 31 December 2004, filed with the U.S. Securities and Exchange Commission on 11 April 2005
Officers
Directors and officers of Pharma Operating, Ltd.
No director or officer information is publicly available for Pharma Operating, Ltd. Bermuda’s Registrar of Companies does not provide free public access to director filings for exempted companies, and no United States Securities and Exchange Commission filing reviewed for this profile, including Elan Corporation, plc’s disclosures of its risk-sharing arrangement and subsequent litigation and settlement with Pharma Operating, Ltd., names any individual director, officer, or authorised representative of the company. As a result, the number of current or former officers, their roles, appointment dates, nationalities and countries of residence cannot be stated from any source reviewed for this profile.
Data availability
Restricted. Officer information for Bermuda exempted companies is filed with the Registrar of Companies but is not published on a free public register, and nationality is not a field disclosed under Bermuda’s registry regime in any case.
Sources
- On-file Bermuda registry data for Pharma Operating, Ltd., company number 28268 (officer filings not publicly accessible)
- Elan Corporation, plc SEC filings reviewed for litigation, settlement and royalty-rights history between 2003 and 2006 (no officer of Pharma Operating, Ltd. named)
Group Structure
Group structure of Pharma Operating, Ltd.
Filings made by Elan Corporation, plc with the United States Securities and Exchange Commission identify Pharma Operating, Ltd. as the wholly-owned operating subsidiary of Pharma Marketing Ltd., a separate Bermuda-domiciled entity that completed a private placement of its common shares to a group of institutional investors in June 2000. This immediate-parent relationship is disclosed consistently across multiple Elan annual reports on Form 20-F filed between 2003 and 2006. Pharma Operating, Ltd. is not, and was never, a subsidiary of Elan Corporation, plc; Elan stated explicitly that it held no investment in Pharma Marketing Ltd. and had no representative on its board of directors. Instead, Pharma Operating, Ltd. and Elan were counterparties to a risk-sharing arrangement, referred to in Elan’s filings as the Program Agreement, under which Pharma Operating, Ltd. acquired royalty rights to several Elan pharmaceutical products. That arrangement was unwound between June and November 2003: Elan paid Pharma Operating, Ltd. $196.4 million in June 2003 to reacquire royalty rights on Sonata and Prialt, and a further $101.2 million in November 2003 to reacquire the remaining royalty rights on Zonegran, Frova and Zanaflex, at which point Elan stated that all of its agreements with Pharma Marketing Ltd. were terminated. No source reviewed identifies an ultimate parent beyond Pharma Marketing Ltd., or any subsidiary, sister company or branch of Pharma Operating, Ltd.
Verified corporate relationships
| Entity | Country | Registration number | Relationship | Ownership | Status | Information date |
|---|---|---|---|---|---|---|
| Pharma Marketing Ltd. | Bermuda | Not disclosed | Immediate parent | 100% (Elan filings describe Pharma Operating, Ltd. as a wholly-owned subsidiary) | Historical relationship confirmed; current status not verified | Disclosed in Elan Corporation, plc Form 20-F filings, 2003-2006 |
Recent structural changes
The risk-sharing arrangement between Pharma Operating, Ltd., Pharma Marketing Ltd. and Elan Corporation, plc was terminated in November 2003, when Elan exercised its option to reacquire the remaining royalty rights held by Pharma Operating, Ltd. No group-structure changes after 2003 were identified in any source reviewed.
Data availability
Parent only. The immediate parent, Pharma Marketing Ltd., is confirmed through Elan Corporation, plc’s SEC filings, but no subsidiary, sister-company or branch information is available for Pharma Operating, Ltd., and Pharma Marketing Ltd.’s own registration number and ultimate ownership are not disclosed in the sources reviewed.
Sources
- Elan Corporation, plc, Annual Report on Form 20-F for the year ended 31 December 2002, filed with the U.S. Securities and Exchange Commission on 4 September 2003, Exhibit 10.5
- Elan Corporation, plc, Form 6-K filings dated 30 January 2003, 13 June 2003 and 21 November 2003, filed with the U.S. Securities and Exchange Commission
- Elan Corporation, plc, Annual Report on Form 20-F for the year ended 31 December 2004, filed with the U.S. Securities and Exchange Commission on 11 April 2005
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Frequently Asked Questions
What is Pharma Operating, Ltd.'s registration number?
Pharma Operating, Ltd. is registered in Bermuda under company number 28268.
When was Pharma Operating, Ltd. incorporated?
Pharma Operating, Ltd. was incorporated on 26 April 2000.
Where is Pharma Operating, Ltd. registered?
Pharma Operating, Ltd. is registered in Bermuda with the Bermuda Registrar of Companies.
Does Pharma Operating, Ltd. have an official website?
No official company website is on file or was identified for Pharma Operating, Ltd. during independent research.
What does Pharma Operating, Ltd. do?
United States Securities and Exchange Commission filings by Elan Corporation, plc describe Pharma Operating, Ltd. as the operating subsidiary of Pharma Marketing Ltd., a Bermuda financing vehicle that acquired royalty rights to several Elan pharmaceutical products between 2000 and 2003. No source reviewed describes any business activity for the company after 2003.
Is Pharma Operating, Ltd. connected to Elan Corporation, plc?
Pharma Operating, Ltd. was never a subsidiary of Elan. It was a counterparty to a risk-sharing arrangement with Elan, and Elan stated in SEC filings that it held no investment in Pharma Operating, Ltd.'s parent, Pharma Marketing Ltd., and had no representative on its board.
Who is the parent company of Pharma Operating, Ltd.?
Elan Corporation, plc's SEC filings identify Pharma Marketing Ltd., a separate Bermuda entity, as the sole shareholder of Pharma Operating, Ltd.
What royalty rights did Pharma Operating, Ltd. hold?
According to Elan's SEC filings, Pharma Operating, Ltd. held royalty rights on the Elan products Frova, Myobloc, Prialt, Zanaflex and Zonegran, and later Sonata following a December 2001 amendment.
Did Pharma Operating, Ltd. take legal action against Elan Corporation?
Yes. On 17 January 2003, Pharma Operating, Ltd. filed a lawsuit against Elan in the Supreme Court of the State of New York concerning Elan's proposed sale of its Sonata interest. The parties settled the dispute on 30 January 2003.
How did the arrangement between Pharma Operating, Ltd. and Elan Corporation end?
In June 2003, Elan paid Pharma Operating, Ltd. $196.4 million to reacquire the Sonata and Prialt royalty rights. In November 2003, Elan paid a further $101.2 million to reacquire the remaining Zonegran, Frova and Zanaflex royalty rights, and Elan stated that all of its agreements with Pharma Marketing Ltd. were terminated.
Who are the shareholders of Pharma Operating, Ltd.?
Shareholder information is not publicly available through the Bermuda registry. SEC filings confirm Pharma Operating, Ltd. is wholly owned by Pharma Marketing Ltd., but do not name the institutional investors who ultimately held Pharma Marketing Ltd.'s shares.
Who are the directors of Pharma Operating, Ltd.?
No director or officer information for Pharma Operating, Ltd. was found in the Bermuda registry or in any SEC filing reviewed for this profile.
Is Pharma Operating, Ltd. listed on a stock exchange?
No evidence of a stock-exchange listing for Pharma Operating, Ltd. was found.
What is Pharma Operating, Ltd.'s current operating status?
Its current operating status could not be independently confirmed. No SEC filing or other source reviewed describes any business activity for the company after its royalty arrangements with Elan Corporation, plc were terminated in November 2003.
Who is the ultimate beneficial owner of Pharma Operating, Ltd.?
No ultimate beneficial owner has been identified by an authoritative source, and no complete, dated ownership chain is available to calculate one.