Back last summer the U.K.'s Convergence Pharmaceuticals, a spinout from GlaxoSmithKline, was feeling bullish about its prospects after it wrapped up a positive mid-stage study of its lead drug for neuropathic pain. But rather than take the risky step of mounting an IPO--still a tough prospect in the U.K.--Convergence instead opted to sell to Biogen Idec, which is using the acquisition to beef up its pipeline in the field.
Some of the cash will go toward creating a sequencing and analysis center at Columbia to support collaborative research.
Shares of Biogen Idec were buoyed this morning after the big biotech highlighted positive data from its mid-stage study of anti-LINGO-1, a closely watched drug that raises the potential for spurring remyelination--repairing the damage done by diseases like multiple sclerosis. But a careful second look at the results also underscores just how challenging this development program is for Biogen Idec.
The world of gene therapy--in which single-dose treatments correct debilitating defects--enjoyed something of a renaissance in 2014. Strong clinical results from leaders in the once-maligned field spurred renewed optimism, helping a new generation of startups secure millions in venture financing to develop their next-generation approaches to the field.
Biogen Idec is heralding hope in one of the industry's toughest fields, plotting a late-stage trial for an Alzheimer's disease treatment after charting some surprising positive results in an early study.
The FDA has decided that the death last month of a patient taking Biogen Idec's hot multiple sclerosis pill Tecfidera was important enough to mention on Tecfidera labels.
When Biogen Idec reported last month that a patient taking its hot multiple sclerosis pill Tecfidera had developed a rare brain infection and died, the drugmaker said it believed the safety profile of the drug remained solid. Perhaps so, but the FDA has decided the death was important enough to add a description of it on Tecfidera labels.
When Biogen Idec this summer priced next-gen hemophilia A treatment Eloctate on par with Baxter's older, less convenient therapy, the market seemed primed for patient switching. But so far, there hasn't been as much as some industry watchers expected. Now, one analyst predicts brand loyalty and payer roadblocks will keep it that way.
Biogen Idec's new multiple sclerosis pill Tecfidera has been on a roll since its launch last year, with more than $1 billion in sales to its credit already. Today, however, the drug hit a couple of speed bumps: Third-quarter sales missed analyst estimates, and the company announced a patient had died after developing a rare brain infection previously linked to MS drugs.
Danish drug developer Forward Pharma came through with one of the year's biggest biotech IPOs, raising $221 million to support its plot to battle Biogen Idec in the blockbuster multiple sclerosis market.