logo
Share SHARE
FONT-SIZE Plus   Neg

Biogen Idec Sells BENLYSTA Royalty Rights To DRI Capital Managed Fund

Biogen Idec (BIIB) has sold to a DRI Capital managed fund its royalty and other rights pertaining to BENLYSTA to which Biogen Idec is entitled pursuant to a license deal with Human Genome Sciences Inc. (HGSI) and Glaxo Group Ltd. According to the agreement between Biogen Idec and DRI, Human Genome Sciences and Glaxo Group Ltd. would make royalty payments directly to DRI instead of to Biogen Idec. In turn, DRI would pay Biogen Idec a multiple of certain of the royalties received for the period covering October 2011 to September 2014.

Following that period, DRI would retain the royalty payments from BENLYSTA sales, with certain exceptions, including a one-time contingency payment that could be triggered if the cumulative royalties to DRI exceed an agreed amount. The initial payment by DRI to Biogen Idec, covering the royalty period from October 1, 2011 to March 30, 2012 is nearly $18.3 million and would be recognized into income as a gain in the third quarter.

BENLYSTA was approved by the US Food and Drug Administration in March 2011 and by the European Medicines Agency in July 2011 to treat systemic lupus erythematosus.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Yamaha Motor Co. is planning to recall multiple three-cylinder motorcycle models due to a safety issue with the lower handlebar, Asphalt & Rubber has reported. According to the report, the stud bolt threads might not have enough thread-locking agent applied to them due to the lower handlebar being improperly painted. Uber is closing its ride-hailing services in Denmark next month, citing upcoming changes in regulations that would make its app unworkable for consumers. The San Francisco-based company said in a blog post that it will close its services on April 18, 2017, as the new laws currently being proposed in Denmark will not allow drivers to use their privately owned cars for ride sharing. Breitbart News' request for permanent congressional press passes was denied on Monday, citing concerns about the website's links to the White House and the Republican mega-donor family the Mercers. The U.S. Senate Daily Press Gallery, comprised of a group of five reporters, denied the Capitol Hill press credentials saying members were not satisfied with the given information about its connections.
comments powered by Disqus
Follow RTT