Let's figure out what the Biogen payout is worth to ELN shareholders. There are 600M shares of ELN outstanding, and the $3.5B payment equals to $5.80 per ELN share. Since ELN is thusly rendered a moot entity, we have to consider the cash flow from the sale for each ELN share. 20% of the $2B~ in Tysabri sales each year, is equal to $400M to ELN and $80M in anticipated dividends. There will also be be a Billion Dollar buyback (why?) reducing ELN shares by ~75M so that the $80M Div is divided by 525M shares. When all is said and done, ELN shareholders get $.15/yr for each ELN share. This does NOT sound like a wonderful future.to me. What am I missing? Comments!