Biogen to Pay Elan $3.25 Billion for Full Tysabri Rights (original) (raw)

Biogen Idec Inc. rose to its highest value ever after the drugmaker agreed to buy partner Elan Corp.’s stake in the Tysabri multiple sclerosis medicine for $3.25 billion in cash plus future royalties.

Biogen gained 2.3 percent to $160.98 at 4 p.m. New York time, its highest price since the company began trading in 1991. The shares of the Weston, Massachusetts-based drugmaker have gained 32 percent in the last 12 months.