Thursday, March 10, 2005

Business World: Tysabri (Natalizumab) and Biogen Idec

From today's Boston Globe:

Biogen Idec's top lawyer quits amid investigation
By Jeffrey Krasner
The Boston Globe
March 10, 2005

Thomas J. Bucknum, Biogen Idec's longtime top lawyer, resigned suddenly yesterday amid an inquiry by the Securities and Exchange Commission into sales of company stock by insiders around the time the company learned that patients taking its multiple sclerosis drug Tysabri had contracted a rare infection.

Bucknum sold 89,700 shares of Biogen Idec stock on Feb. 18, the day company executives learned that two patients in a long-term trial of Tysabri had the rare disease known as PML. According to documents the company filed with the SEC, Bucknum netted about $1.9 million from the sales.

[ ... Read the full article ... ]

Note: "PML" stands for "progressive multifocal leukoencephalopathy."

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