NEW YORK - Irish pharmaceutical company Elan Corp. said Tuesday it has completed the sale of its four pain products and related assets to AaiPharma Inc. for $101.8 million.

The total payment is made up of a $50.4 million in cash and the assumption by aaiPharma of $51.4 million of Elan's product-related payments, Elan said.

Anita Kawatra, an Elan spokeswoman, said the deal will be accounted for in the company's fourth-quarter results. The cash payment will be represented as a sale from an asset divestiture.

She added that Elan isn't offering an after-tax, per-share estimate for the cash component of the deal at this time.

As part of the transaction, rights to Roxicodone tablets and oral solution, Oramorph tablets, Roxanol and Duraclon will be owned by aaiPharma, a specialty pharmaceutical company based in Wilmington, N.C.

Elan has been selling off certain assets as part of a recovery plan that was announced last July, Kawatra said.

Elan's sale of the pain medications to aaiPharma was announced in October and initially valued by Elan at $100 million.

At the time, Elan said its total asset divestitures after the sale to aaiPharma would be nearly $1.9 billion. The Irish drug maker also said it expected to record a $30 million pretax gain on the sale.

Elan's American shares closed at $5.75, up 26 cents, or 4.7 percent, Tuesday on heavy volume on the New York Stock Exchange.

Shares of aaiPharma closed at $18.90, up 16 cents, or 0.8 percent, Tuesday on the Nasdaq Stock Market.