Biogen Idec Inc has licensed rights to Acorda Therapeutics Inc's experimental multiple sclerosis drug outside the United States as the large biotech company expands its MS franchise, the companies said on Wednesday.
Biogen will pay Acorda $110 million up front for rights to Fampridine-SR. It will also pay up to $400 million more based on the drug achieving regulatory and sales milestones.
Elan Corp, which manufactures Fampridine-SR, will gain portions of the payments Acorda receives from Biogen.
Fampridine broadens the MS franchise for Biogen, which sells the drugs Avonex and Tysabri.
In the United States, where Acorda is maintaining rights to Fampridine, the drug is under review by regulators and a decision is expected by Oct. 22. The drug is not yet filed for approval in Europe. (Reporting by Lewis Krauskopf; Editing by Derek Caney)