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Biogen Idec shares surge on positive multiple sclerosis drug data

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Shares of Biogen Idec ($BIIB) surged to around the $197 mark this morning as the company detailed data on its promising Phase IIb study of the multiple sclerosis drug daclizumab. The key figure, a 54% reduction in the annualized relapse rate of patients, has already been discussed. But with Tecfidera newly approved, the rights to Tysabri locked up and analysts gleeful at Biogen's prospects in the booming MS market, the renewed focus on daclizumab helped cheer investors even more. "DAC HYP represents the type of innovative research we are focused on cultivating as part of our MS pipeline because it potentially targets the disease in a new way," said Dr. Gilmore O'Neill, vice president of medical research at Biogen Idec. "Based on these initial data from SELECT, we believe DAC HYP would complement our robust portfolio of four approved MS products by potentially offering people with MS a new treatment alternative. We look forward to continuing to work with our partners at AbbVie to progress the DAC HYP program further." Release