March 2, 2005 |
Top Biogen Idec Inc. insiders sold $15 million in company shares at near-record prices in the days and even hours before Biogen warned regulators about patients' becoming ill in clinical trials of its multiple sclerosis drug, records show. The drug, Tysabri, was pulled from the market Monday after a patient's death, causing shares in the Cambridge, Mass., company to plummet 43%. Biogen told the Food and Drug Administration on Feb.
November 24, 2004 |
Biogen-Idec of Cambridge, Mass., won Food and Drug Administration approval for its multiple sclerosis drug Tysabri, formerly called Antegren. Analysts believe the intravenous drug could one day become a $1-billion product. The drug will be produced in Oceanside, Calif., creating 800 jobs. Biogen-Idec and Elan Corp. of Dublin, Ireland, will co-market it. The announcement came after stock markets closed. Biogen-Idec closed at $57.43, down 29 cents, on Nasdaq, but rose to $59.
October 28, 2004 |
Biogen Idec Inc. said it had a third-quarter profit, fueled by double-digit sales growth of its multiple sclerosis and cancer drugs. The company, which was created from the $6-billion acquisition of Biogen Inc. by Idec Pharmaceuticals Corp. in November, posted net income of $36.8 million, or 10 cents a share. There is no comparable year-earlier figure. Excluding one-time items, the company earned 37 cents a share, 2 cents better than Wall Street analysts had expected.
June 20, 2004 |
To the steady rumble of construction equipment, one vision of the future of the biotech industry in California is taking shape on former ranch land in Oceanside, 80 miles south of Los Angeles. When Biogen Idec Inc.'s $380-million pharmaceutical factory being built there opens in 2005, it will be the sixth-largest in the world -- a three-story complex with 91 stainless-steel vats connected by 47 miles of pipe and 300 miles of electrical wire.
May 13, 2004 |
A Biogen Idec Inc. executive resigned after federal regulators launched an investigation into his trading of another company's stock, the biotech firm said. The Securities and Exchange Commission notified Cambridge, Mass.-based Biogen on April 26 that it was looking into trades made by Nabil Hannah, a company executive vice president of research based in San Diego. Hannah resigned after an internal review, the company said. Biogen said it was not a target of the SEC investigation.
March 3, 2004 |
Biogen Idec Inc., releasing its first quarterly results since it was formed last fall in the combination of two biotech firms, on Tuesday reported a fourth-quarter loss because of merger-related expenses. Biogen Idec reported a net loss of $991 million, or $4.03 a share, for the last three months of 2003. The results were hurt by an $833-million write-down on research and development projects -- a common occurrence when pharmaceutical firms merge.
November 12, 2003 |
Today, Idec Pharmaceuticals Corp. of San Diego is expected to complete its $5.7-billion stock acquisition of Biogen Inc. of Cambridge, Mass. The combined company, Biogen Idec Inc., would rank as the world's third-largest biotechnology concern, behind Amgen Inc. and Genentech Inc. Some analysts have questioned the deal, which would unite companies that each are largely dependent on a single popular drug.
June 24, 2003 |
The consolidation of the biotechnology industry accelerated Monday when Idec Pharmaceuticals Corp. of San Diego agreed to buy Biogen Inc. for $6.4 billion in stock. Wall Street gave the proposed deal a chilly reception, with both companies' shares tumbling 5%. Some analysts wondered whether Idec, known for cancer drugs, and Biogen, with a popular multiple sclerosis drug, would make a good match.