Elan sells Euro rights to pain drug

Elan has agreed to sell the rights to its Prialt drug for the treatment of chronic pain in Europe to Eisai, while retaining the product rights in the United States.

Under the terms of the agreement, Elan may receive up to $100m (€83.5m) in cash: $50m (€41.7m) on the closing of the transaction, a further $10m (€8.3m) on the earlier of two years from closing or launches of Prialt in key European markets, and an additional $40m (€33.5m) if Prialt achieves revenue-related milestones in Europe.