- published: 23 Mar 2015
- views: 3164
Biogen Idec, Inc. (NASDAQ: BIIB) is an American biotechnology company specializing in drugs for neurological disorders, autoimmune disorders and cancer. The company was formed in 2003 by the merger of Cambridge, Massachusetts-based Biogen Inc. and San Diego, California-based IDEC Pharmaceuticals (formed in 1986 by biotech pioneers Ivor Royston and Howard Birndorf). Biogen, one of the oldest biotechnology companies, was founded in 1978 in Geneva by several biologists, including Phillip Sharp of the Massachusetts Institute of Technology, Walter Gilbert of Harvard (who served as CEO during the start-up phase) and Charles Weissmann of Zurich University (who contributed the first product interferon-alpha).
Biogen Idec stock is a component of several stock indices such as the S&P 500, S&P 1500, and NASDAQ-100.
Biogen Idec's products include multiple sclerosis (MS) treatments Avonex (interferon beta-1a) and Tysabri (natalizumab); the latter is also approved for treatment of Crohn's disease, and is co-marketed with Élan. Biogen Idec also makes Rituxan (rituximab), a treatment for non-Hodgkin's lymphoma which is also approved for rheumatoid arthritis; Rituxan is co-marketed with Genentech. The company acquired Fumaderm (fumaric acid esters), a psoriasis treatment (licensed in Germany) when it acquired Fumapharm AG in 2006. In December, 2007, Biogen Idec sold the U.S. rights for Zevalin (ibritumomab tiuxetan), another treatment for non-Hodgkin's lymphoma, to Cell Therapeutics, but continues to produce it for European marketing partner Bayer Schering Pharma. In 2006, the company sold rights for Amevive (alefacept), another psoriasis treatment, to Astellas Pharma, continuing to manufacture the drug under contract.
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