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This excerpt taken from the ELN 6-K filed Aug 28, 2009. Biogen
Idec matter
We have filed suit against Biogen Idec in Federal District Court
in New York seeking declaratory and injunctive relief that
aspects of Elan’s recently announced transaction with
affiliates of Johnson & Johnson comply with
Elan’s Collaboration Agreement with Biogen Idec for the
development and marketing of Tysabri (the
“Tysabri Agreement”).
In a letter to Elan dated 28 July 2009, Biogen Idec alleged
that Elan was in material breach of the Tysabri
Agreement. Biogen Idec’s assertion against Elan relates
to Elan’s ability to obtain financing from an affiliate of
Johnson & Johnson to potentially purchase Biogen
Idec’s Tysabri rights, if Biogen Idec undergoes a
change of control. Elan strongly believes that it is in
compliance in all respects with the Tysabri Agreement.
In seeking declaratory relief, Elan has requested that the Court
conduct expedited proceedings given the sixty day cure period
following which Biogen Idec may seek to terminate the
Tysabri Agreement. Elan also requested that the Court
enter judgement against Biogen Idec permanently enjoining Biogen
Idec from terminating the Tysabri Agreement based on
Biogen Idec’s 28 July 2009 letter. The Court has
scheduled a hearing on this matter for 10 September 2009.
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