Biogen's shares fell by 28 percent after news that two patients taking its multiple sclerosis drug Tysabri developed a rare brain disease called PML. Tysabri was originally launched in 2003 and anticipated as a big blockbuster, but taken off the market after instances of this rare brain disease. It was relaunched in 2006 after 2 years of FDA safety review.
Biogen released Q2 earnings, with sales up 28%. Growth in revenue and and net income was driven by strong sales of multiple sclerosis drug Avonex, up 14%, and cancer drug Rituxan, up 21%.
Biogen shares rose by 7 percent after the company announced a strong earnings forecast, driven by sales of Tysabri, its multiple sclerosis drug.
Biogen abandoned its sale after it could not find a suitable buyer. Shares fell by $17.97, or 24 percent, representing a $5 billion loss in market value.
Biogen Idec Inc may get bids of around USD 25-30 billion from Pfizer, Sanofi and J&J for the purpose of expanding business in the area of biotech medicine.
In a statement, Biogen Idec said the buyback would help it return value to shareholders while allowing it to invest in its drug pipeline.
Two FDA panels will jointly review Biogen Idec's Tysabri multiple sclerosis drug as a potential treatment of Crohn's disease.
Biogen Idec, Inc. and Genentech, Inc. announced that positive data from a Phase II clinical study of Rituxan in patients with relapsing-remitting multiple sclerosis were presented at the American Academy of Neurology annual meeting held in Boston.
New one-year pharmacoeconomic study shows AVONEX is cost-effective relative to other interferon therapies for multiple sclerosis
