Forward Pharma cashes in Biogen’s $1.25 billion
February 9, 2017Forward Pharma has received $ 1.25 billion due to the January settlement with Biogen’s subsidiaries.
Biogen agreed to pay Forward the non-refundable cash fee of $1.25 billion, and royalties of up to 10-20% of net sales of its products, including Tecfidera, approved for the treatment of multiple sclerosis that are covered by a Forward patent and have dimethyl fumarate (DMF) as an active pharmaceutical ingredient.
Forward said it intends to convert the US dollar payment into Euros, pending its board’s decision on the disposition of the funds.
This agreement limits our downside risk should we not be successful in either the US or European proceedings and it provides clarity as to our royalty stream should we be successful in either or both of those proceedings, Florian Schönharting, Chairman of the Board of Directors of Forward said in Jaunary, 2017, upon announcing reaching the settlement.
