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 Elans recently announced transaction with affiliates of Johnson & Johnson comply with Elans 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 Idecs assertion against Elan relates to Elans ability to obtain financing from an affiliate of Johnson & Johnson to potentially purchase Biogen Idecs 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 Idecs 28 July 2009 letter. The Court has scheduled a hearing on this matter for 10 September 2009.