Ratings agency Moody's this afternoon said it had placed the ratings of Irish-headquartered biopharma Elan under review for downgrade.
The rating action follows the announcement that Elan has entered into a royalty participation programme with US-based Theravance. Under the agreement Elan will make a once-off payment of $1 billion (€770 million) in return for 21 per cent of future royalty payments associated with four respiratory programmes Theravance is developing with GlaxoSmithKline.
Moody’s said in a statement that...
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