|
|
 | | | |
- close
- close
- close
- close
| |||||||||
This excerpt taken from the ELN 20-F filed Feb 28, 2007. Net
Gain on Sale of Businesses
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 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 required ultimately. We will not receive any
further consideration in respect of this disposal.
Table of Contents
This excerpt taken from the ELN 20-F filed Mar 30, 2006. Net
Gain on Sale of Businesses
In April 2004, we completed the sale of our interests in
Zonegran in North America and Europe to Eisai for initial net
consideration of $113.5 million at closing. The gain from
this transaction amounted to $42.9 million in 2004. We were
also entitled to receive additional consideration of up to
$110.0 million from Eisai through January 1, 2006,
primarily contingent on the date of generic Zonegran approval.
We had received $85.0 million of this contingent
consideration prior to the approval of generic Zonegran in
December 2005. Consequently, the total net
Table of Contents
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 for net cash proceeds of $93.2 million,
resulting in a loss of $2.9 million. We received an
additional $6.0 million in February 2005, which was accrued
at December 31, 2004, and $15.0 million 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 required ultimately. Approximately 180 employees
of our European sales and marketing business transferred to
Zeneus.
In 2003, a net gain of $264.4 million was recognized on the
divestment of the primary care franchise to King (principally
our rights to Sonata and Skelaxin). In June 2003, King paid
gross consideration on closing of $749.8 million, which
included the transfer to King of Sonata and Skelaxin inventory
with a value of approximately $40.0 million and obligations
related to Sonata of $218.8 million that were assumed by
King at closing. In addition, in January 2004, we received an
additional $25.0 million payment, which was contingent on
the ongoing patent exclusivity of Skelaxin through
December 31, 2003. The amount was included in the gain
recorded in 2003 as the contingency was resolved by
December 31, 2003.
| EXCERPTS ON THIS PAGE:
RELATED TOPICS for ELN: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||
