Perrigo sells Tysabri royalty stream for $2.2B

Perrigo Co. plc (NYSE:PRGO; Tel Aviv:PRGO) will divest its royalty stream rights for multiple sclerosis drug Tysabri natalizumab to Royalty Pharma (New York, N.Y.) for $2.2 billion up front. Biogen Inc. (NASDAQ:BIIB) markets the humanized mAb against integrin alpha(4).

Perrigo is also eligible for up to $650 million in milestones from Royalty Pharma. The deal is expected to close in 30 days...