Elan sells MS drug; shares drop 8.8%

UPDATE: Biogen Idec agreed to acquire partner Elan’s stake in the multiple sclerosis drug Tysabri for $3.25 billion in cash plus future royalties.

6th February, 2013
Kelly Martin said the deal would allow Elan and its shareholders realise a meaningful percentage of Tysabri.

Biogen Idec has agreed to acquire partner Elan’s stake in the multiple sclerosis drug Tysabri for $3.25 billion in cash plus future royalties.

Elan's share price initially soared 11.3 per cent but has since reversed and closed with a loss of 8.8 per cent in Dublin. Analysts said markets were sceptical about Elan's prospects of profitably reinvesting the proceeds.

The deal ends speculation that Biogen would buy Elan and gives Biogen all rights to the drug....

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