Biogen Idec In $427M Deal With Neurimmune
From Associated Press (December 20, 2010)
NEW YORK -- Drug maker Biogen Idec Inc. said Monday it expanded a partnership with Neurimmune Holding AG, and will research treatments for illnesses like Parkinson’s disease under a deal that could be worth more than $427.5 million.
Biogen Idec said the companies will research potential treatments for neurodegenerative diseases including Parkinson’s, Alzheimer’s disease, and amyotrophic lateral sclerosis, a neuromuscular disease also known as Lou Gehrig’s Disease. The Weston, Mass., company will pay Neurimmune $32.5 million upfront, and the deal includes as much as $395 million in additional payments. The drug candidates included in the deal are in preclinical testing and have not been studied in humans.
Biogen will be responsible for testing the drugs, and will handle sales if the products are approved. Neurimmune, which is based in Switzerland, will be responsible for other scientific activities and discovery of potential backup products. The companies have worked together since 2007.
Biogen’s products include the multiple sclerosis drugs Tysabri and Avonex, and the cancer drug Rituxan. The company sells Tysabri through a partnership with Elan Corp. PLC, and it markets Rituxan with Roche AG.
Shares of Biogen Idec fell 16 cents to $67.98 Monday.
Posted: December 2010