Royalty Pharma buys BG-12 interest

Royalty Pharma (New York, N.Y.) paid former shareholders of Fumapharm AG $761 million in cash to acquire a portion of earn-out rights related to multiple sclerosis (MS) product BG-12 and psoriasis drug Fumaderm. The rights cover payments owed by Biogen Idec Inc. (NASDAQ:BIIB) as part of its 2006 acquisition of Fumapharm. The deal included a $220 million upfront payment, plus $15 million upon EU or U.S. approval of any Fumapharm product for MS, as well as sales milestones. Details were not disclosed. ...