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Perrigo sells off commercial stake in Tysabri to bolster consumer focus
Perrigo has completed the sale of its commercial stake in the multiple sclerosis drug Tysabri to RPI Finance Trust.
The firm has divested its rights to the royalty stream from global net sales of Tysabri to RPI Finance Trust, an affiliate of Royalty Pharma, in a deal worth up to $2.85 billion (2.28 billion pounds).
This consists of an upfront cash fee of $2.2 billion, plus up to $650 million in royalties earned if global net sales of Tysabri meet specific thresholds in 2018 and 2020.
Perrigo believes the sale will provide it with additional flexibility for growth and maintain its investment grade commitment, while allowing it to place more strategic focus on its consumer-facing and prescription businesses.
John Hendrickson, chief executive officer of Perrigo, said: "The Perrigo board of directors and I will continue to make decisions to create value and deliver on our mission of providing quality, affordable healthcare products to consumers around the globe."
Perrigo acquired the rights to the Tysabri royalty stream through its 2013 acquisition of Elan.
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