Regeneron, Medtronic deal

The companies agreed to develop drugs for central nervous system diseases and disorders using REGN's compounds with Medtronic's delivery systems. Initially, the companies will develop REGN's Axokine to treat Huntington's disease using Medtronic's implantable pump to infuse the drug into the brain. Axokine is a second-generation form of ciliary neurotrophic factor ( CNTF).

Medtronic invested $10 million, purchasing 460,500 shares of REGN at $21.72 per share. Medtronic also received five-year warrants to purchase 107,400 shares of REGN at $21.72. REGN has 22 million shares outstanding prior to the investment. Medtronic also will make undisclosed milestone payments. ...