Forward Pharma gets $1.25 billion cash from settlementStaff Writer | February 9, 2017
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.
Pharma industry From two wholly owned subsidiaries of Biogen
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. ■