Biogen Pays $3.25B For Stake In Elan's MS Drug

Law360, New York (February 6, 2013, 2:03 PM EST) -- Irish drugmaker Elan Corp. PLC is selling its stake in blockbuster multiple sclerosis medicine Tysabri for $3.25 billion plus royalties to longtime partner Biogen Idec Inc., Elan said Wednesday, delivering a capital infusion expected to fund new ventures and feather shareholders' nests.

Elan executives said the deal, which ends a 50-50 alliance, laid the groundwork for new acquisitions and investments while also preserving company ties to Tysabri through royalty payments that are likely to provide significant income, especially if Massachusetts-based Biogen can secure approval for wider...
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