Elan also agreed to pay pounds 6m to buy a 3 per cent stake in Vanguard for pounds 6.25 a share. The deal ends Vanguard's six-month search for a partner for Frovatriptan, which is set to be launched next year. In May, SmithKline Beecham dropped the drug from its development programme, causing a collapse in Vanguard's share price.
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VANGUARD MEDICA, the biotechnology company, yesterday signed a $50m (pounds 29m) marketing deal for its star anti-migraine drug with the Irish pharmaceutical company Elan. Vanguard shares leapt 7.5p to 260p after Elan acquired the rights to distribute Frovatriptan in North America.