Report: Elan is in talks to sell stake

— Bristol-Myers Squibb Co. is vying for a minority stake in Elan Corp. and could eventually take over the Irish biotech firm, The Wall Street Journal reported, citing people familiar with the matter.

An agreement could be reached as early as next week, and include board representation and an ability to take control of the company later, the Journal said in a report published on its Web site Saturday, citing one of the people.

Elan, with a market value of about $3.3 billion, has said it needs a partner with the cash and size to help it develop and market drugs, the newspaper said.

Neither company would comment on the report, the newspaper said.