Irish drugmaker Elan Corp. PLC plans to pay $1 billion for the right to future royalties from four respiratory treatments being developed by Theravance Inc. and GlaxoSmithKline.

The deal announced Monday will give Elan 21 percent of the future royalties that South San Francisco, Calif.-based Theravance receives from Glaxo, a British drugmaker.

Recommended Stories

AstraZeneca rejects $119 billion offer from Pfizer

FDA investigates Zyprexa Relprevv patient deaths

Public Citizen: State drug fraud cases on the rise