Elan in €45m deal with British biotech firm

Pharmaceutical giant Elan is to receive $55m (€45.07m) from British biotech firm Vernalis for the North American commericialisation rights to migraine treatment Frova.

Vernalis, formed from a merger of RiboTargets and Vernalis Group, changed its name to Vernalis in 2003.

Elan CEO Kelly Martin said: "This transaction allows Elan to further align against our strategic architecture in research, development and marketing."

He said the deal would allow Elan to focus on preparing for the expected launch of its Antegren treatment for Crohn's disease and multiple sclerosis.

Frova generated net revenue of $37.5m (€30.73m) and profits of $8.1m (€6.63m) for Elan last year.