Elan restructures Tysabri deal

Elan has announced a restructuring of its multiple sclerosis drug Tysabri deal with Biogen Idec, under which Biogen will fully own and control of the drug.

Elan, which today announced a net loss from continuing operations before tax of $733.2, has also said it is restructuring its multiple sclerosis drug Tysabri deal with Biogen Idec.

Under the terms of the new deal, Biogen will fully own and control of the drug. Elan will move from the current 50:50 split to an upfront cash payment of $3.25bn and a tiered royalty structure for the drug.