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This excerpt taken from the ELN 20-F filed Feb 26, 2009. Net
Gain on Divestment of Products and Businesses
There were no product or business divestments in 2008 or 2007.
In 2006, the net gain of $43.1 million on divestment of
products and businesses was principally related to the sale of
the Prialt European rights to Eisai. Refer to
page 51 for additional discussion on the net gain on
divestment of products and business for 2006.
This excerpt taken from the ELN 20-F filed Feb 28, 2008. Net
Gain on Divestment of Products and Businesses
There were no product or business divestments in 2007. Refer to
page 44 for additional discussion on the net gain on
divestment of products and business for 2006 and 2005.
This excerpt taken from the ELN 20-F filed Feb 28, 2007. Net
Gain on Divestment of Products and Businesses
In March 2006, we sold the Prialt European rights to
Eisai. We received $50.0 million at closing and are
entitled to receive an additional $10.0 million on the
earlier of two years from closing or launches of Prialt
in key European markets. We recorded a gain of
$43.3 million on this sale. We may also receive an
additional $40.0 million contingent on Prialt
achieving revenue related milestones in Europe. As of
December 31, 2006, we have received $4.0 million of
the $10.0 million related to the launches of Prialt
in key European markets.
In April 2004, we sold our interests in Zonegran in North
America and Europe to Eisai for initial net consideration of
$113.5 million at closing. We were also entitled to receive
additional consideration of up to $110.0 million from Eisai
if no generic Zonegran was approved by certain dates up through
January 1, 2006. We received $85.0 million of this
contingent consideration prior to the approval of generic
Zonegran in December 2005. Consequently, the total net proceeds
received from the sale of Zonegran amounted to
$198.5 million and resulted in a cumulative net gain of
$128.5 million, of which $85.6 million was recognized
in 2005 and $42.9 million in 2004.
In February 2004, we sold our European sales and marketing
business to Zeneus Pharma Ltd. (Zeneus) for initial net cash
proceeds of $93.2 million, resulting in a loss of
$2.9 million in 2004. We received an additional
$6.0 million in February 2005, which was accrued at
December 31, 2004, and $15.0 million of contingent
consideration in December 2005, which resulted in a net gain of
$17.1 million in 2005 after the release of contingent
liabilities of $2.1 million, which were not ultimately
required. We will not receive any further consideration in
respect of this disposal.
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