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
Social media app Snapchat has introduced a new location service, Snap Map, that will allow users of the app to see the location of all their friends on a map. The new feature will essentially allow a user to see where his friends are hanging out and what they are up to and also share his own location with friends in real time. The U.S. has suspended all imports of fresh beef from Brazil due to recurring concerns about the safety of the products. The suspension of shipments from Brazil, the fifth largest exporter of beef to the U.S., will remain in place until the Brazilian Ministry of Agriculture takes corrective action, the U.S. Department of Agriculture or USDA said in a statement. The annual Federal stress test was cleared by 34 top banks. The result shows strong capital levels and the ability of large banks to remain capitalized even in stressed situations. The Federal Reserve noted that these banks will be able to lend to households and businesses even at severe recession and throughout the economic cycle.
comments powered by Disqus
Follow RTT