Taking little time to make good on its pledge to buy up new assets, Biogen Idec has inked a deal to buy Switzerland's Fumapharm for an undisclosed amount of money. Biogen Idec is already well familiar with Fumapharm. The two developers have been collaborating on BG-12 for MS and psoriasis. Researchers announced new positive data on BG-12 yesterday. Fumapharm also has been developing Fumaderm for psoriasis.

"We look forward to continuing the development of BG-12...as well as expanding our European operations by working with Fumapharm's existing partners to provide Fumaderm to psoriasis patients in Germany," said Biogen's president and chief executive James Mullen. Biogen Idec has announced plans to leverage a $2 billion cash balance and its stock to buy new drugs and development outfits. More announcements are likely.

- read the AFX report for more on the buyout