Biogen Idec's board of directors has authorized management to evaluate the potential sale of the company.
BI's business outlook, released on September 6, expressed the company's quest to generate strong operating and financial performance by the end of 2010. The company's strategy included the following goals: getting 100,000 patients on MS treatment Tysabri; having more than 40% of revenue coming from its International business; launching four new products and/or existing products in new indications; having six programs in late-stage clinical development; and generating revenue growth at a 15% compound annual growth rate (CAGR) and non-GAAP EPS at a 20% CAGR from 2007 through 2010.
According to the company, investor Carl Icahn has expressed an interest in acquiring the company.
In related news, the FDA announced that it's extending its regulatory review of Tysabri as a treatment for Crohn’s disease by as long as three months. Under this revised timeline, Biogen Idec and Elan Corp. anticipate action from FDA by January 13, 2008.