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Elan sells drug share

ELAN has announced a restructuring of its MS drug Tysabri collaboration with Biogen Idec.

The deal will see Elan sell its interest for $3.25bn (€2.4bn) to Biogen to give the US firm full ownership of the drug.

They have co-marketed the drug for 12 years. Elan said it would receive a royalty of 12pc of Tysabri global net sales for the first year after restructuring.