July 27, 2005 |
Biogen Idec Inc., the company that suspended sales of its Tysabri multiple sclerosis drug in February, said second-quarter profit rose to $34.5 million, lifted by its older multiple sclerosis medicine, Avonex. Net income climbed to 10 cents a share from less than a cent a share, or $827,000, a year earlier when the company had merger-related expenses. Revenue rose 12% to $605.6 million, the Cambridge, Mass.-based company said Tuesday in a statement. Avonex sales jumped 10% to $381.
July 22, 2005 |
A Colorado widower whose wife died after participating in a clinical trial for one of Biogen Idec's multiple sclerosis drugs has sued the company, saying his wife "didn't have to die." The wrongful death suit filed on behalf of Walter Smith, of Colorado Springs, also named Cambridge, Mass.,-based Biogen Idec's partner, Elan Pharmaceuticals of Ireland.
June 17, 2005 |
Biogen Idec Inc. on Thursday sold a big drug factory in Oceanside, Calif., that was slated to produce Tysabri, deepening pessimism about the drug's future. The buyer was Genentech Inc., a rival biotechnology firm that needed additional manufacturing capacity for its cancer drugs. Biogen, based in Cambridge, Mass., said it would receive $408 million for the biotechnology drug plant, the sixth-largest in the world. The plant was completed last year.
June 14, 2005 |
A possible fifth case of a rare and often fatal brain infection linked to the multiple sclerosis drug Tysabri has been reported to federal regulators, a Food and Drug Administration spokeswoman said Monday. The case, first reported by the Wall Street Journal, was submitted May 16 through the Food and Drug Administration's Adverse Event Reporting System, which collects reports of possible drug reactions from physicians and drug makers. The drug's makers, Biogen Idec Inc. and Elan Corp.
June 3, 2005 |
Shares of Elan Corp. and Biogen Idec Inc. tumbled after a fourth possible case of a rare and often fatal nerve disorder was reported in a patient taking the companies' withdrawn Tysabri multiple sclerosis drug. Biogen and Elan are investigating the newest report of a patient who took Tysabri and has symptoms consistent with the disorder, Lenore Gelb, a Food and Drug Administration spokeswoman, said Thursday. Elan shares fell $1.14, or 14.3%, to $6.85. Biogen lost $1.70, or 4.3%, to $38.07.
April 30, 2005 |
Federal regulators are formally investigating possible securities law violations related to Biogen Idec Inc.'s recent withdrawal of a multiple sclerosis drug. Biogen Idec's disclosure that the Securities and Exchange Commission had stepped up its investigation from an informal inquiry followed last month's resignation of the company's general counsel amid questions about his sale of Biogen shares before Tysabri was pulled from the market.
April 28, 2005 |
Biogen Idec Inc., which suspended sales of its Tysabri multiple sclerosis drug in February, on Wednesday reported a $43.5-million first-quarter profit on sales of its Avonex MS medicine. Net income was 12 cents a share, contrasted with a net loss of $41.2 million, or 12 cents, a year earlier, when the company had merger costs. Revenue rose 8.5% to $587.8 million. Cambridge, Mass.
April 21, 2005 |
Biogen Idec Inc.'s former chief scientific officer, Nabil Hanna, agreed to pay $372,000 to settle allegations he used confidential information to profit on a stock trade, the Securities and Exchange Commission said Wednesday. The SEC alleged that Hanna, 61, bought shares of Regeneron Pharmaceuticals Inc. before the company disclosed in September 2003 that it would develop a potential cancer treatment with Aventis.
April 2, 2005 |
Biogen Idec Inc., the third-biggest U.S. biotechnology company, Friday withdrew the full-year profit forecast it gave Feb. 7 because of lost revenue from the suspended multiple sclerosis drug Tysabri. Biogen and Irish partner Elan Corp. stopped selling Tysabri on Feb. 28 after the drug was linked to a fatal nerve disorder. Biogen had forecast per-share profit "in the range of $1.60 to the low $1.70s" for 2005. "Investors should no longer rely on" the estimate, Cambridge, Mass.
April 1, 2005 |
Shares of Biogen Idec Inc. and Elan Corp. plummeted Thursday, a day after the companies confirmed that their once-promising new drug for multiple sclerosis had again been linked to a usually fatal central nervous system disorder. On Feb. 28, the companies abruptly pulled Tysabri off the market after a patient died of the rare nerve disorder while taking the drug in combination with Avonex, Biogen's older multiple sclerosis treatment.