Elan completes sale of Tysabri stake to Biogen

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Elan completes sale of Tysabri stake to Biogen

DUBLIN (Reuters) - Irish drugmaker Elan closed the sale of its 50 percent stake in multiple sclerosis (MS) drug Tysabri on Tuesday, clearing the way for it to return cash to investors, spend on acquisitions and stave off an approach for the company. Under a deal announced in February, Biogen Idec will take full ownership of the blockbuster drug for an upfront payment of $3.25 billion plus royalties of up to 25 percent on future sales. ...

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