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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (1419)	1/24/2002 12:21:48 PM
From: Icebrg	Read Replies (1) \| Respond to of 10345

Vernalis to get 20 pct royalty on migraine drug By Richard Woodman LONDON, Jan 24 (Reuters) - UK biotech firm Vernalis Group Plc (quote from Yahoo! UK & Ireland: VER.L) said on Thursday it would earn royalties in excess of 20 percent on sales of migraine drug frovatriptan when it is launched in Europe and the United States in the next few months. ADVERTISEMENT Chief Executive Robert Mansfield disclosed the high royalty rate after the firm said it had gained European regulatory approval to start marketing the product. The shares were up three percent at 221 pence by late afternoon, valuing Vernalis at 94 million pounds ($134 million), after they earlier rose as much as seven percent. Frovatriptan has already been approved for marketing in the United States, where it is set for launch in this quarter by Elan Corp Plc (NYSE:ELN - news) under the brand name Frova.