UPDATE 4-Elan seeks acquisitions after $3.25 bln Biogen deal

* Elan agrees to cede control of Tysabri to U.S. partner

* Elan has already spoken to companies about potential deals

* Biogen says deal a natural step, will add to 2013 earnings

* Irish company's shares rise 8 pct, highest since November (Xetra: A0Z24E - news)

By Padraic Halpin

DUBLIN, Feb 6 (Reuters) - Irish drugmaker Elan will raise more than $3.25 billion by selling its interests in its main drug to partner Biogen Idec (NasdaqGS: BIIB - news) and effectively reinvent itself by splashing most of the cash on acquisitions.

Under a deal announced on Wednesday, Massachusetts-based Biogen will take full ownership of blockbuster multiple sclerosis (MS) treatment Tysabri and will make an upfront payment to the Irish group plus royalties on future sales.

While the deal gives Elan scope to return some cash to shareholders as well as strategic flexibility to buy new assets, it leaves its future shape unclear since Tysabri was by far its most important product, responsible for almost all its revenue.

Elan has already spoken to several companies about potential deals and can move quickly over the next 12-18 months once the sale is completed, Chief Executive Kelly Martin told Reuters.

"You can do a lot of things with $3 billion, you can buy companies, molecules, you can partner, you can share risk. The world is our oyster," Martin said in a telephone interview.

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UPDATE 4-Elan seeks acquisitions after $3.25 bln Biogen deal