Irish drugmaker Elan is raising more than $3.25 billion by selling its interests in its main drug and will splash out most of the proceeds on acquisitions, effectively reinventing itself as a company.Under a deal announced on Wednesday, Elan's partner Biogen Idec will take full ownership of blockbuster multiple sclerosis (MS) treatment Tysabri and will make an upfront payment to the Irish group plus royalties on future sales.While the deal gives Elan scope to return some cash to shareholders as well as strategic flexibility to purchase new assets, it leaves its future shape unclear since Tysabri was by far its most important product, responsible for almost all its revenue.Elan has already spoken to several companies about potential deals and can move quickly once the sale its completed, Chief Executive Kelly Martin told Reuters.
Biogen Idec Inc. (Biogen Idec) is a global biotechnology company. Shares of BIIB remained unchanged at $157.36. In the past year, the shares have traded as low as $114.53 and as high as $158.39. On average, 1299780 shares of BIIB exchange hands on a given day and today's volume is recorded at 0.
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