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Elan Corporation, plc (NYSE:ELN): Current price $9.67

Elan announced that they have agreed to restructure the Tysabri collaboration with Biogen Idec (NASDAQ:BIIB). Under the terms of the agreement, Elan will move from the current 50:50 business collaboration to an upfront payment of $3.25 billion and a double digit tiered royalty structure for the complete asset. Highlights of the transaction include an up front cash payment of $3.25 billion to Elan, a royalty of 12% of Tysabri global net sales for the first 12 months, and a tiered royalty structure after 12 months.

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