Biogen Idec

Biogen Idec, Inc. (NASDAQ: BIIB) is a biotechnology company specializing in drugs for neurological disorders, autoimmune disorders and cancer. The company was formed in 2003 by the merger of Cambridge, Massachusetts-based Biogen and San Diego, California-based Idec Pharmaceuticals.

Biogen Idec stock is a component of several stock indices such as the S&P 500, S&P 1500, and NASDAQ-100. It employs a little over 4,000 employees.

Additional recommended knowledge

Guide to balance cleaning: 8 simple steps

Essential Laboratory Skills Guide

How to quickly check pipettes?

Locations of operation

Biogen Idec is headquartered in Kendall Square in Cambridge, Massachusetts, and operates research and development facilities in Cambridge and San Diego. Biogen Idec operates manufacturing facilities in Kendall Square, in Research Triangle Park, North Carolina, and Hoofddorp, Netherlands. The company is also building a Large Scale Manufacturing plant in Hillerod, Denmark, which is expected to go online in 2008.

Biogen Idec maintains its international headquarters in Zug, Switzerland, and operates an International regulatory & clinical center of excellence in Maidenhead, UK. In Europe, Biogen Idec has direct commercial affiliates in Germany, France, Spain/Portugal, UK/Ireland, the Benelux, Sweden, Denmark, Norway, Finland, and Austria. In Italy and in Switzerland, Biogen Idec markets its products through two joint venture companies set up with the privately held Italian company Dompe Biotec. Biogen Idec also has offices in Canada, Australia, and Japan.

Competitors

Biogen Idec's principal competitors include Teva, Serono, and Schering AG/Berlex.

As of 2004, Biogen Idec derives most of its income from sales of multiple sclerosis treatment Avonex and from partnership royalties on Rituxan from Genentech, which markets Rituxan in the US. Roche markets Rituxan outside the US as MabThera.

Management

BIIB is managed day-to-day by an executive group composed of nine officers. As customary for a publicly-traded company, BIIB is also overseen by a board of directors that votes on important company decisions. The executive chairman and chief executive officer both hold positions on the board of directors.

Chairman of the Board: Bruce R. Ross
President, Chief Executive Officer: James C. Mullen
President, Research and Development: Cecil B. Pickett
Executive Vice President, Development: Burt A. Adelman
Executive Vice President, New Ventures: John M. Dunn
Executive Vice President, Finance and Chief Financial Officer: Paul Clancy
Executive Vice President, Corporate Strategy and Communication: Connie L. Matsui
Executive Vice President, Human Resources: Craig Eric Schneier, Ph.D.
Executive Vice President, Business Development: Mark Wiggins
Directors: Alan Belzer, Lawrence C. Best, Alan B. Glassberg, Mary L. Good, Thomas F. Keller, Robert W. Pangia, Bruce R. Ross, The Honorable Lynn Schenk, Phillip A. Sharp, Willian D. Young

News

On June 7, 2007 - Biogen Idec (NASDAQ: BIIB) announced today that Marijn E. Dekkers, Ph.D., President and Chief Executive Officer (CEO) of Thermo Fisher Scientific, has been elected to the Biogen Idec Board of Directors. The election took place at the company's annual shareholder meeting on May 31, 2007.

On June 3, 2007 - Biogen Idec (NASDAQ: BIIB) announced today that data presented at the 43rd American Society of Clinical Oncology (ASCO) annual meeting showed that adding Zevalin® (Ibritumomab tiuxetan) radioimmunotherapy to a short course first-line treatment followed by rituximab weekly for four weeks doubled the rate of complete response in patients with follicular lymphoma, from 44 percent with a standard treatment regimen to 88 percent. Additionally, the response rate (complete and partial responses) for patients in the study was 100 percent based on PET scan assessment.

On May 29, 2007 -- Biogen Idec Inc. (NASDAQ: BIIB) today announced that its Board of Directors has authorized a $3 billion share repurchase through a modified "Dutch Auction" tender offer. The offer, which commences tomorrow, for approximately 57 million shares represents about 16% of Biogen Idec's currently outstanding common stock.

On March 29, 2006, Biogen Idec and Elan announced that they had re-initiated clinical dosing of TYSABRI monotherapy in a safety extension study program in multiple sclerosis (MS). Patients who previously participated in the Phase III MS trials and subsequent safety evaluation are eligible to be screened for entry in this open label multi-center study.

On March 8, 2006, the Peripheral and Central Nervous System Drugs Advisory Committee of the FDA voted unanimously to recommend reintroduction of TYSABRI as a treatment for relapsing forms of MS.

On February 28, 2005, Biogen Idec and marketing partner Elan Pharmaceuticals voluntarily suspended marketing of their product TYSABRI (natalizumab), and also suspended dosing in all ongoing clinical trials. TYSABRI had been approved in the US in November 2004 for treatment of patients with relapsing remitting multiple sclerosis (MS).

The two companies announced the suspension after two participants involved in one study were diagnosed with a severe brain condition, progressive multifocal leukoencephalopathy (PML), after two years of combination therapy with AVONEX, another Biogen Idec product. One of those two patients died. Subsequently, another patient who had previously died in a separate clinical trial of TYSABRI in patients with Crohns Disease was re-evaluated as having had PML. In total, 3 cases of PML were identified, of which 2 cases were fatal.

Biogen Idec stock lost more than 40% of its value when the drug suspension news was released on February 28, 2005.