Irish drugs firm Elan Corporation, plc today announced that it has completed the sale of the rights to Prialt (ziconotide, non-opioid severe chronic pain agent) in Europe to Eisai Co., Ltd.
Under the terms of the sale, Elan received approximately $50 million at the closing and will receive a further $10 million on the earlier of two years from closing or the launch of Prialt in key European markets, and may receive an additional $40 million contingent on Prialt achieving revenue related milestones in Europe.
Elan retains the product rights in the United States.
Last week Elan announced that the Peripheral and Central Nervous System Drugs Advisory Committee of the U.S. Food and Drug Administration (FDA) voted unanimously to recommend reintroduction of Tysabri as a treatment for relapsing forms of multiple sclerosis (MS).
