Biogen Says Regulators Cleared Portola Partnership
From Associated Press (November 29, 2011)
WALTHAM, Mass. -- Biogen Idec Inc. said Tuesday that federal antitrust regulators cleared its collaboration with Portola Pharmaceuticals Inc. on treatments for autoimmune and inflammatory diseases.
The companies announced in Oct. 27 that they planned to work together. Biogen agreed to pay Portola $36 million upfront and make a $9 million investment in the company. It agreed to pay Portola as much as $508.5 million in development and regulatory milestones.
Biogen will cover 75 percent of development costs for the drugs and get the same percentage of profits. It will lead development and marketing for the drugs in "major indications" like rheumatoid arthritis and lupus, while Portola will lead U.S. development and marketing of the products for some smaller indications. Portola will have the option to co-promote the products with Biogen.
Shares of Biogen Idec were up 59 cents to $111 in aftermarket trading. They fell 64 cents to $110.41 during the regular session.
Posted: November 2011