Kramer Levin assisted Forward Pharma in its U.S. initial public offering, the largest ever involving a Danish corporation, and in obtaining a favorable settlement in its worldwide dispute with Biogen over patent rights to its Tecfidera blockbuster multiple sclerosis drug. Under the settlement, in exchange for licensing its IP to Biogen, Forward Pharma received an up-front, nonrefundable cash payment of $1.25 billion, with the opportunity for substantial future royalties.