DUBLIN (Reuters) - Biogen Idec is to take full ownership of blockbuster multiple sclerosis drug Tysabri after agreeing to pay Irish partner Elan $3.25 billion plus future royalties on sales of the drug. Irish drugmaker Elan, which has co-marketed the drug with the larger U.S. company for 12 years, said it would receive a royalty of 12 percent of Tysabri global net sales for the first 12 months after the restructuring closes. A tiered royalty structure will kick in after that, it said, with Elan receiving 18 percent on up to $2 billion of global net sales and 25 percent on any sales over that amount. Sales of Tysabri, which provides Elan with almost all of its revenue, rose 8 percent to $1.6 billion last year. A filing last month for approval to sell the drug as a first-line treatment for could boost sales further. "The restructuring of this business collaboration provides Elan with significant strategic flexibility ... The risk of one asset and a single collaborator was not ideal," Elan chief executive Kelly Martin said in a statement. "We are enthusiastic about the market opportunities around the globe and remain flexible and creative about the manner in which we … Continue reading
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