Wednesday, August 03, 2005

Business World: Biogen Idec, Protein Design Labs, & Daclizumab

From The Boston Globe:
Biogen cuts deal to refill drug lineup
Biotech to pay Calif. firm for rights to help develop MS treatment, 2 others
By Jeffrey Krasner, Globe Staff
The Boston Globe
August 3, 2005

Making good on a promise to use a war chest of cash to replenish its drug pipeline, Biogen Idec Inc. of Cambridge yesterday said it was licensing three promising drug candidates from Protein Design Labs Inc.

In exchange for rights to codevelop three antibodies midway through human trials, Biogen Idec will pay Protein Design Labs $40 million, and buy $100 million of the Fremont, Calif., company's stock. If the three drug candidates are proven effective treatments for various diseases, Biogen Idec could pay an additional $660 million.

The deal includes codevelopment rights for Daclizumab, an antibody that has shown promise in preventing transplanted organ rejection and in treating asthma and multiple sclerosis. Positive news about Daclizumab trials underway could bolster Biogen Idec's multiple sclerosis franchise, which has faltered this year since the voluntary suspension of Tysabri, an MS treatment that resulted in unexpected illnesses in several patients who used it during clinical trials.
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Anthony H. Risser | | |

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