Biogen pays $31.5M for deal with Genentech

Biogen Idec is paying $31.5 million up front to buy itself a collaboration with Genentech on an experimental cancer therapy. GA101--a humanized anti-CD20 monoclonal antibody--is in early and mid-stage trials for a pair of blood cancers: non-Hodgkins lymphoma and chronic lymphocytic leukemia. Genentech licensed the therapy from Roche and a Roche subsidiary and now it will share development costs and future income with Biogen Idec.

"Our decision to participate in the development and commercialization of GA101 exemplifies our commitment to advancing new therapies for patients with blood cancers," said Cecil Pickett, Ph.D., president of R&D at Biogen Idec.

The two companies are also partnered on Rituxan, a cancer and rheumatoid arthritis therapy that works in a similar way as GA101.

- check out the release
- read the AP story

ALSO: News that a patient taking Tysabri developed a fatal brain infection dented the value of Biogen Idec's shares yesterday. Report

Related Articles:
Biogen Idec drops baminercept for RA
Biogen Idec may join migration to the 'burbs 
Biogen Idec data supports oral MS therapy 
Icahn buys up cheaper Biogen Idec shares
Icahn loses a big round with Biogen Idec