Issue Date: May 20, 2013
Elan Takes Stake In Theravance Programs
Elan and Theravance have entered a royalty agreement under which the Irish drug firm will pay Theravance $1 billion for an interest in possible future royalty payments related to four respiratory programs that Theravance is working on with GlaxoSmithKline. Under the agreement, Elan will make a one-time payment for a 21% stake in the royalties that would accrue if Theravance advances any of the programs to commercialization. Elan, which has divested all of its physical assets over the past three years, has refused a $7.3 billion acquisition bid from Royalty Pharma.
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