Biotechnology company Elan has agreed to sell marketing rights for its Prialt painkiller in Europe to Japan's Eisai company for up to $100m in cash.
Under the deal, Elan is set to receive $50m when the deal has closed and the remainder according to a schedule of product launches and revenue-related milestones. Elan said it expects a gain on closing of more than $40m. The company said it retains rights to market the product in the US.
It expects to close the deal with Eisai in the first quarter of this year.
Elan shares closed up 30 cent to €12.20 in Dublin.
