Biogen and IDEC Pharmaceuticals complete merger

IDEC Pharmaceuticals Corporation and Biogen have completed their merger transaction, creating a new global biotechnology industry leader.

The combined company, to be known as Biogen Idec Inc., has strong franchises in oncology and immunology; a diverse product portfolio and revenue base, with two blockbuster drugs, Avonex (Interferon β-1a) and Rituxan (rituximab), and 10 products in clinical development; an aggressive drug development programme; an expected annual r&d budget of more than US$550m million and 1,000 dedicated r&d employees, including approximately 400 in discovery research; and global reach, including operations in 16 European countries, as well as Japan, Canada, Australia, and New Zealand.

'Since the announcement of our proposed merger in June, our lead products Avonex and Rituxan have performed exceptionally well, and we have continued to mark progress in our combined late-stage pipeline,' said James C. Mullen, Biogen Idec's ceo. 'In addition, Biogen Idec will leverage strategic assets - including $1.5bn in net cash and manufacturing expertise and capacity - to achieve our goal of in-licensing approximately 50% of our pipeline by 2010.'

Biogen Idec's pipeline of products in development includes Antegren (natalizumab), which, in partnership with Elan Corporation, is in Phase III clinical studies for the treatment of multiple sclerosis and Crohn's disease; Ritxan. which is in Phase III trials for rheu-matoid arthritis and other cancer indications; the second-generation oral fumarate, which is in Phase III clinical trials in Europe; and an anti-CD23 antibody, which will soon enter Phase II trials for chronic lymphocytic leukaemia (CLL).