Forward Pharma A/S is a Danish biopharmaceutical company that has been developing a proprietary formulation of DMF for the treatment of inflammatory and neurological indications. The company granted Biogen an irrevocable license to all of its intellectual property through a License Agreement and received a non-refundable cash fee of $1.25 billion in February 2017. The company then distributed a return of EUR 917.7 million to shareholders through a capital reduction in September 2017. Forward Pharma A/S may receive royalties from Biogen from their net sales of Tecfidera® or other DMF products for multiple sclerosis outside of the U.S, dependent on a favorable outcome in Europe with respect to the Opposition Proceeding, including any appeal.