POST Online Media Lite Edition


Forward Pharma gets $1.25 billion cash from settlement

Staff Writer |
Forward Pharma has received a non-refundable cash fee of $1.25 billion in connection with the execution and delivery of a settlement and license agreement with two wholly owned subsidiaries of Biogen and certain other parties.

Article continues below

On January 17, 2017 Forward entered into the license agreement subject to the approval of its shareholders and certain other limited customary conditions.

Forward obtained approval of the entry into the license agreement by the requisite two-thirds majority of the votes cast as well as the share capital represented at an extraordinary general meeting held on February 1, 2017.

The terms of the license agreement required the $1.25 billion cash fee to be paid within five business days of the extraordinary general meeting.

Forward intends to convert the U.S. dollar payment into, and hold it as, euros, pending a determination by Forward’s board of directors on the disposition of the funds.

What to read next

Horizon Pharma raises offer for Depomed to $33 per share
Third time's not a charm: Depomed rejects Horizon Pharma again
Mitsubishi Tanabe Pharma to buy Israel's Neuroderm for $1.1 billion