Biogen Idec sells Benlysta royalty rights

Biogen Idec Inc. (NASDAQ:BIIB) sold its long-term royalty stream for lupus drug Benlysta belimumab to investment firm DRI Capital in exchange for larger payments over a shorter period. Biogen Idec will receive regular payments from DRI during the period of October 2011 to September 2014. The amount of the payments will be determined by applying a multiple to certain Benlysta royalties received during the period. Biogen Idec said the multiple will vary by territory and by year but would not disclose how it is calculated. DRI could not be reached for comment.

For the period of Oct. 1, 2011 to March 30, 2012, DRI will pay Biogen Idec $18.3 million. During that period, Benlysta had net sales of $56.9 million, according to Human Genome Sciences Inc., which markets the drug with its parent company, GlaxoSmithKline plc (LSE:GSK; NYSE:GSK). ...