I won't attempt to defend management or disagree with you on buying an unknown asset vs. Tysabri is a bad deal. Looking at it from an asset sale/purchase perspective and not what Elan might waste it on I don't think its a bad deal (I don't think its a bad deal for Biogen either). The way I see it they gave up closer to 25% financial interest and don't have the Tysabri risk (future competition mainly). They still have a fair amount of financial interest in the drug but a lot less risk (for a CEO good at redeploying capital).
If Biogen paid fair value I'd imagine the 12% Y1, 18-25% is worth ~2.5B. If its as some think and Biogen got the better of it than perhaps even a bit more. So its selling well below cash+royalty value and 0 value for what ever else they have (I don't follow them closely).
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