Wednesday, February 06 07:59:03
Elan has announced a restructuring of its MS drug Tysabri collaboration with Biogen Idec, which will see Biogen getting full ownership and control of Tysabri. The company's chief executive Kelly Martin said the Tysabri move provides for a meaningful de-risking of the business. ''With $3.25 billion in upfront cash and double digit tiered royalties, we have created the opportunity to diversify our business across all areas of the industry value chain with tax efficient and cash flow.
The company today also reported total revenues of $1.202 billion for the year to the end of December, up 13pc on the previous year. It said this was due to an 8pc growth in global net sales of Tysabri to $1.61 billion. The number of patients using the MS drug rose by 12pc It said that adjusted EBITDA rose by 31pc to $220m from $168.6m mainly due to the continued growth of Tsabri.