Elan Agrees to Restructure Tysabri Collaboration with Biogen Idec

Elan Corporation, plc

today announced that it has agreed to restructure the Tysabri® collaboration with Biogen Idec

. Under the terms of the agreement, Elan will move from the current 50:50 business collaboration to an upfront payment of $3.25 billion and a double digit tiered royalty structure for the complete asset. Highlights of Transaction Upon Closing: Up front cash payment of $3.25 billion to Elan First 12 months: royalty of 12% of Tysabri global net sales (all indications) Tiered royalty structure after 12 months