Biogen to Pay Elan $3.25 Billion for Full Tysabri Rights
Biogen Idec Inc. rose to its highest value ever after the drugmaker agreed to buy partner Elan Corp.s stake in the Tysabri multiple sclerosis medicine for $3.25 billion in cash plus future royalties. The agreement gives Biogen all rights to the product, the companies said in separate statements today, and leaves Dublin- based Elan to hunt for possible acquisitions with the proceeds. The companies had been splitting profit equally on Tysabri, which generated $1.6 billion in sales in 2012 and is Biogens second-best selling drug.