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Biogen Idec Inc

BUSINESS
April 2, 2005 | From Bloomberg News
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.
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BUSINESS
April 1, 2005 | Debora Vrana, Times Staff Writer
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.
BUSINESS
March 9, 2005 | Ricardo Alonso-Zaldivar and Denise Gellene, Times Staff Writers
The Food and Drug Administration raised no red flags about safety in its review of multiple sclerosis drug Tysabri, according to documents released Tuesday. The intravenous medicine was pulled from the market last week by co-developers Biogen Idec Inc. and Elan Corp. after one patient died from a rare brain disease and a second patient developed the illness.
BUSINESS
March 4, 2005 | Denise Gellene, Times Staff Writer
A second patient has developed a rare and often-fatal neurological condition after taking the multiple sclerosis drug Tysabri, the companies that marketed the drug said Thursday. Biogen Idec Inc. and Elan Corp. also disclosed that they were cooperating with the Securities and Exchange Commission over matters related to the withdrawal of Tysabri from the market Monday. Biogen spokesman Tim Hunt said the companies would provide no further details on their contact with the SEC.
BUSINESS
March 2, 2005 | Kathy M. Kristof, Times Staff Writer
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.
BUSINESS
March 1, 2005 | Denise Gellene and Lisa Girion, Times Staff Writers
The makers of a promising new drug for multiple sclerosis abruptly pulled it off the market Monday after one patient died of a rare central nervous system disorder. Biogen Idec Inc. and Elan Corp. saw massive drops in their share prices and lost nearly $18 billion in market value combined. The companies described the withdrawal of Tysabri as a "suspension" and said they would try to get the drug back on the market.
BUSINESS
November 24, 2004 | Denise Gellene
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.
BUSINESS
November 9, 2004 | Denise Gellene, Times Staff Writer
Biogen Idec Inc. and Elan Pharmaceuticals Inc. said Monday that their experimental drug for multiple sclerosis significantly reduced the relapse rate of patients who received it in a clinical trial. The companies said they believed the intravenous drug, Antegren, would receive Food and Drug Administration approval this month, becoming the first new treatment for multiple sclerosis in more than a decade.
BUSINESS
October 28, 2004 | From Reuters
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.
BUSINESS
June 20, 2004 | Denise Gellene, Times Staff Writer
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.
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