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Perrigo sells Tysabri's royalty stream for $2.85B

Perrigo Co. plc completed the divestiture of its rights to the royalty stream of its multiple sclerosis drug Tysabri to RPI Finance Trust, an affiliate of Royalty Pharma, for up to $2.85 billion.

The transaction consists of $2.2 billion in cash at closing and up to $650 million in potential milestone payments based on future global net sales of the drug in 2018 and 2020.

Royalty Pharma will acquire all of Perrigo's rights to receive Tysabri royalty payments, retroactive from and after Jan. 1, which Perrigo has under an agreement with Biogen Inc.