Biogen Idec, Inc. (NASDAQ: BIIB) is a biotechnology company specializing in drugs for neurological disorders, autoimmune disorders and cancer. The company was formed in 2003 by the merger of Cambridge, Massachusetts-based Biogen Inc. and San Diego, California-based IDEC Pharmaceuticals (formed in 1986 by biotech pioneers Ivor Royston and Howard Birndorf).[3] Biogen, one of the oldest biotechnology companies, was founded in 1978 by several biologists, including Phillip Sharp of the Massachusetts Institute of Technology and Walter Gilbert of Harvard (who served as CEO during the start-up phase).
Biogen Idec stock is a component of several stock indices such as the S&P 500, S&P 1500, and NASDAQ-100. It employs a little over 6,000 employees.
[edit] Products
Biogen Idec's products include multiple sclerosis treatments Avonex (interferon beta-1a) and Tysabri (natalizumab); the latter is also approved for treatment of Crohn's disease, and is co-marketed with Élan. Biogen Idec also makes Rituxan (rituximab), a treatment for non-Hodgkin's lymphoma which is also approved for rheumatoid arthritis; Rituxan is co-marketed with Genentech.[4] The company acquired Fumaderm (fumaric acid esters), a psoriasis treatment (licensed in Germany) when it acquired Fumapharm AG in 2006. In December, 2007, Biogen Idec sold the U.S. rights for Zevalin (ibritumomab tiuxetan), another treatment for non-Hodgkin's lymphoma, to Cell Therapeutics, but continues to produce it for European marketing partner Bayer Schering Pharma. In 2006, the company sold rights for Amevive (alefacept), another psoriasis treatment, to Astellas Pharma, continuing to manufacture the drug under contract.[1]
[edit] Locations of operation
Biogen Idec is headquartered in Kendall Square in Cambridge, Massachusetts, and operates research and development facilities in Cambridge and San Diego. Biogen Idec operates manufacturing facilities in Kendall Square and in Research Triangle Park, North Carolina. The company has also build a Large Scale Manufacturing plant in Hillerod.
Biogen Idec maintains its international headquarters in Zug, Switzerland, and operates an International regulatory & clinical center of excellence in Maidenhead, UK. Biogen Idec has direct commercial affiliates in Germany, France, Spain/Portugal, UK/Ireland, the Benelux, Sweden, Denmark, Norway, Finland, Austria, Canada, Japan, China, India and Australia. In Italy and in Switzerland, Biogen Idec markets its products through two joint venture companies set up with the privately held Italian company Dompe Biotec.
[edit] Competitors
Biogen Idec's principal competitors include Teva, Sanofi Aventis, Serono, and BayerScheringPharma.
As of 2004[update], Biogen Idec derives most of its income from sales of multiple sclerosis treatment Avonex and from partnership royalties on Rituxan from Genentech, which markets Rituxan in the US. Roche markets Rituxan outside the US as MabThera.
[edit] Management
Biogen Idec is managed day-to-day by an executive group composed of nine officers. As customary for a publicly-traded company, BIIB is also overseen by a board of directors that votes on important company decisions. The executive chairman and chief executive officer both hold positions on the board of directors. The directors are Bruce R. Ross (chairman), James C. Mullen (president and CEO), Lawrence C. Best, Marijn E. Dekkers, Alan B. Glassberg, Thomas F. Keller, Nancy L. Leaming, Robert W. Pangia, Cecil Pickett, Lynn Schenk, Phillip A. Sharp, and William D. Young.[5]
Investor Carl Icahn launched a proxy fight seeking to elect three of his own nominees to the Biogen Idec board at the company's June 19, 2008 annual meeting of shareholders. Icahn's nominees were Alexander J. Denner, Anne B. Young, and Richard C. Mulligan, all of whom had served on the board of ImClone Systems since Icahn took control of that company.[6] None of Icahn's nominees were elected.
[edit] Natalizumab withdrawal
On February 28, 2005, Biogen Idec and marketing partner Elan Pharmaceuticals voluntarily suspended marketing of natalizumab, and also suspended dosing in all ongoing clinical trials. Natalizumab had been approved in the US in November 2004 for treatment of patients with relapsing remitting MS.
The two companies announced the suspension after two participants involved in one study were diagnosed with a severe brain condition, progressive multifocal leukoencephalopathy (PML), after two years of combination therapy with Biogen's version of interferon beta-1a. One of those two patients died. Subsequently, another patient who had previously died in a separate clinical trial of natalizumab in patients with Crohns disease was re-evaluated as having had PML. In total, 3 cases of PML were identified, of which 2 cases were fatal.[7][8]
On 08/2008 the company announced 2 more cases of PML in Europe.[9]
Biogen Idec stock lost more than 40% of its value when the drug suspension news was released on February 28, 2005.
[edit] References
- ^ a b Biogen Idec (2008-02-14). "SEC Form 10-K". pp. 1, 11. http://edgar.sec.gov/Archives/edgar/data/875045/000095013508001029/b68103bie10vk.htm. Retrieved 2008-06-07.
- ^ "Company Profile for Biogen Idec Inc (BIIB)". http://www.zenobank.com/index.php?symbol=BIIB&page=quotesearch. Retrieved 2008-10-21.
- ^ "Why San Diego Has Biotech", Fikes, Bradley J. San Diego Metropolitan, April 1999. Accessed June 20, 2008.
- ^ Biogen Idec (2008). "Product Pipeline" in 2007 Annual Report
- ^ Biogen Idec. "Board of Directors". http://www.biogenidec.com/site/board-of-directors.html. Retrieved 2008-06-06.
- ^ Icahn, Carl C. et al. (2008-05-16). "Definitive proxy statement on SEC Form DEFC14A". http://edgar.sec.gov/Archives/edgar/data/875045/000092847508000185/defc14a051608.txt. Retrieved 2008-06-07. SEC accession number 0000928475-08-000185.
- ^ Kleinschmidt-DeMasters BK, Tyler KL (2005). "Progressive multifocal leukoencephalopathy complicating treatment with natalizumab and interferon beta-1a for multiple sclerosis". N. Engl. J. Med. 353 (4): 369–74. doi:10.1056/NEJMoa051782. PMID 15947079.
- ^ Langer-Gould A, Atlas SW, Green AJ, Bollen AW, Pelletier D (2005). "Progressive multifocal leukoencephalopathy in a patient treated with natalizumab". N. Engl. J. Med. 353 (4): 375–81. doi:10.1056/NEJMoa051847. PMID 15947078.
- ^ "Brain Infections Return for Multiple Sclerosis Drug Tysabri". 2008-08-01. http://blogs.wsj.com/health/2008/08/01/brain-infections-return-for-multiple-sclerosis-drug-tysabri/?mod=googlenews_wsj. Retrieved 2008-08-01.
[edit] External links
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