Last Updated Sep 15, 2009 11:58 AM EDT
Winner: Elan. It started with a deal worth $1.5 billion to include MS drug Tysabri and ended with a deal worth $1.4 billion, minus Tysabri -- just 7.7 percent less.
Loser: J&J. The company just paid $1.4 billion so Elan and Biogen can keep Tysabri, when previously it was willing to pay $1.5 billion to get access to the drug.
Winner: Biogen. Well played, sir!
Loser: Elan.* Yet another chapter goes by in which Elan's management bungles its valuable portfolio. Wasn't the addition of Jack Schuler to the board supposed to stop this kind of incompetence?
Winners: Elan shareholders. The stock rose about 23 percent during the course of the litigation.
Losers: Elan's board of directors. They will probably be sued if investors can make the case that the secret J&J financing deal damaged the company.
Losers: Elan and Biogen.* Hated foes, locked into a contract they cannot escape. Mortal Kombat!
* Yes, they appear in both categories. Depends how you look at it.
- J&J Tinkers With Elan Deal, But It May Not Be Enough for Biogen
- Judge Orders Elan CEO Submit to Interrogation by Biogen Lawyers
- Elan: Biogen Lawyer Can't Read! Judge: "Right"!
- Elan v. Biogen: A Look at What Their Tysabri Contract Actually Says
- Pfizer Patent Suit Could Make Elan Bapineuzamab Talks Go a Whole Lot Easier
- In Elan-J&J Deal, Many Unanswered Questions (Wyeth Being One)