units of Bermuda-headquartered Axogen Ltd. and Elan Corp., a drug delivery systems company.

The Farallon investors purchased 280,000 units, which includes one share of Axogen and one warrant to purchase an ordinary share of Elan at $18 a share on November 20.

According to a filing yesterday with the Securities and Exchange Commission, the shares were purchased as part of an initial public offering purely for investment purposes.

Elan and Axogen jointly develop, make and market systems that control the delivery of drugs in the body by controlling the rate of absorption.