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The BFD: Royalty Pharma has agreed to acquire the royalty stream of multiple sclerosis drug Tysabri from Perrigo (NYSE: PRGO) in a deal that could be valued at upwards of $2.85 billion. The transaction includes $2.2 billion in cash at closing (expected in 30 days) and up to $650 million in potential milestone payments based on Tysabri sales in 2018 and 2020.

Why it's the BFD: This is all about activist investor Starboard Value, which already had forced Perrigo to replace five of its directors and to lay off around 750 employees. Now it's effectively forced the Irish company to dump the upside from one of its top prescription products, which it had acquired via the 2013 purchase of Elan Corp. And more asset sales could be coming.

Bottom line: "Starboard, fresh off victory at Yahoo Inc., argued Perrigo management has been distracted by the merger fight and attempts to diversify away from its over-the-counter drugs business, a powerhouse in private-label medicines including versions of headache remedy Tylenol, heartburn aid Pepcid and allergy pill Claritin." ― Anne Steele

Go deeper

Erica Pandey, author of @Work
1 hour ago - Economy & Business

The winners and losers of the pandemic holiday season

Illustration: Sarah Grillo/Axios

The pandemic has upended Thanksgiving and the shopping season that the holiday kicks off, creating a new crop of economic winners and losers.

The big picture: Just as it has exacerbated inequality in every other facet of American life, the coronavirus pandemic is deepening inequities in the business world, with the biggest and most powerful companies rapidly outpacing the smaller players.

Coronavirus cases rose 10% in the week before Thanksgiving

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The daily rate of new coronavirus infections rose by about 10 percent in the final week before Thanksgiving, continuing a dismal trend that may get even worse in the weeks to come.

Why it matters: Travel and large holiday celebrations are most dangerous in places where the virus is spreading widely — and right now, that includes the entire U.S.

Updated 7 hours ago - Politics & Policy

Supreme Court backs religious groups on New York coronavirus restrictions

Photo: Saul Loeb/AFP via Getty Images

The U.S. Supreme Court ruled late Wednesday that restrictions previously imposed on New York places of worship by Gov. Andrew Cuomo (D) during the coronavirus pandemic violated the First Amendment.

Why it matters: The decision in a 5-4 vote heralds the first significant action by the new President Trump-appointed conservative Justice Amy Coney Barrett, who cast the deciding vote in favor of the Catholic Church and Orthodox Jewish synagogues.