Deutsche Bank Downgrades Elan Corp (ELN) to Hold; Post Tysabri Deal M&A Activity in Focus
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RBC Capital Downgrades Elan Corp (ELN) to Sector Perform
February 7, 2013 9:15 AM ESTRBC Capital downgraded Elan Corp (NYSE: ELN) from Outperform to Sector Perform with a price target of $11.00 (from $15.00) following sale of Tysabri rights.
For an analyst ratings summary and ratings history on Elan Corp... More
Elan (ELN) Restructures Tysabri Collaboration w/ Biogen (BIIB); Will Get $3.25B Upfront
February 6, 2013 6:25 AM ESTElan Corp. plc (NYSE: ELN) announced that it has agreed to restructure the Tysabri collaboration with Biogen Idec (Nasdaq: BIIB). 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
* 18% on up to $2... More
