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

Editors Pick
Apple will unveil its Apple Watch with a battery that may last only 2.5 to 4 hours on very active use, according to a report in 9to5mac. "People with knowledge of the Apple Watch's development have provided us with the specific performance targets Apple wants to achieve for the Apple Watch battery,... HARMAN International Industries, Inc. (HAR) announced it has signed an agreement with Symphony Technology Group to acquire Symphony Teleca, a privately-held global software services company. Check out this story for a look at some of We are just a few weeks into 2015 and it has already been a busy year for merger deals and merger talks. Here is a list of some of the M&A stories that have made headlines so far in 2015.
comments powered by Disqus
RELATED NEWS
Trade BIIB now with 
Follow RTT