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Behrman Capital to Acquire Athena Diagnostics from Elan Pharmaceuticals

NEW YORK, November 22, 2002 — Behrman Capital, a private equity investment firm based in New York and San Francisco, announced today that it has signed a definitive agreement to acquire Athena Diagnostics, Inc. (“Athena Diagnostics”), a leading commercial diagnostic laboratory specializing in esoteric testing services in the field of neurology, from Elan Pharmaceuticals, Inc., a subsidiary of Elan Corporation, plc (NYSE: ELN), and several minority stockholders.

Athena Diagnostics focuses its business on four principal areas of highly sophisticated assays: neurogenetic diagnostics that assist in the detection of mutations in the genetic code responsible for certain disorders; peripheral neuropathy and paraneoplastic diagnostics that detect the presence of autoantibodies that may attack the nervous system; Alzheimer’s disease diagnostics; and neutralizing antibody detection assays used to detect the presence of antibodies to one of the most common therapies for relapsing-remitting multiple sclerosis. Athena Diagnostics is based in Worcester, Massachusetts.

“Athena Diagnostics is one of the nation’s leading laboratories specializing in the development and marketing of highly advanced esoteric assays in the field of neurology, offering one of the most comprehensive menus in the field,” said Grant G. Behrman, Managing Partner of Behrman Capital. “Under the leadership of Bob Flaherty and his team, Athena has moved aggressively to build its business, particularly by continually enhancing its ability to identify and commercialize new diagnostic testing services. It has also capitalized on its relationships with leading neurologists and laboratories and begun to expand its business model beyond its leadership in neurology. Behrman Capital has a long history of successful investments in the clinical laboratory sector, and we are excited by Athena’s strengths and its excellent potential for further growth,” said Mr. Behrman.

Robert E. Flaherty, President and Chief Executive Officer of Athena Diagnostics, said, “Athena Diagnostics is known for the accuracy and enhanced diagnostic value that its assays provide physicians. With Behrman Capital’s support, we will expand and accelerate our assay development programs, fostering Athena’s growth as we seek to meet the rising demand for complex diagnostic solutions.”

Based in New York City and San Francisco, Behrman Capital was founded in 1991 by Darryl G. and Grant G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth companies and provides expansion capital to emerging growth companies. Behrman Capital’s investments are focused primarily in four industries: information technology, business services, contract manufacturing and outsourcing. The firm currently has a combined capital base exceeding $1.8 billion.

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For Behrman Capital:
David Lilly / Michael Freitag
Kekst and Company
(212) 521-4800

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