No Buyer for Biogen Idec

Posted on December 13, 2007 @ 06:26 am

The board of directors at Biogen Idec have elected to keep the company independent, after a two-month flirtation with selling out to a larger company. The company announced that it did not receive "any definitive offers" for an acquisition. Company shares dropped 28% in value after the announcement

Refocused on its independent status, the company reiterated its year-end 2010 goals:

  • Get 100,000 patients on Tysabri;
  • Derive more than 40% of the its revenue from international business;
  • Launch four new products and/or existing products in new indications;
  • Have six programs in late-stage clinical development; and
  • Generate revenue growth at a 15% compound annual growth rate (CAGR) and non-GAAP EPS at a 20% CAGR from 2007 through 2010.

Elan, BI's collaborator in Tysabri, announced that it will continue to work with BI on gaining FDA approval of Tysabri for Crohn's disease and building the drug's presence among multiple sclerosis patients.