logo
Share SHARE
FONT-SIZE Plus   Neg

Biogen Idec Sells BENLYSTA Royalty Rights To DRI Capital Managed Fund

Biogen Idec (BIIB: Quote) 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: Quote) 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
'Booth babes' will not be seen at the RSA Conference scheduled to be held next month, as the exhibitors have added a new clause to its rules that ban revealing clothes. Although, RSA did not use the term "booth babe," its contract clearly explains that staff deployed at booths should wear business... Election fever has gripped the UK as Prime Minister David Cameron on Monday urged his people to prudently choose either a prosperous future under his Conservative Party or economic ruin under the Labour Party headed by Ed Miliband. Fast food giant McDonald's Corp. (MCD), reportedly plans to serve its breakfast menu for the whole day. According to a CNBC report citing analysts from Janney Capital Markets, McDonald's is planning to test serve breakfast for the whole day at select locations starting in the next few months. "Our...
comments powered by Disqus
RELATED NEWS
Trade BIIB now with 
Follow RTT