How much does it cost to develop a new drug? In Biogen's case, the answer is $2.5 billion. That's the figure that CEO George Scangos gave to the World Medical Innovation Forum in Boston for its much-hyped Alzheimer's drug, according to Bloomberg 's Michelle Fay Cortez.
Biogen's latest evolution is more than just a nominal shift, according to its CEO, as the Big Biotech lops the Idec from its name and hopes to parlay its success in multiple sclerosis into some tough-to-treat diseases.
Long dominated by global behemoths like Johnson & Johnson and Pfizer, this executive-pay ranking now includes almost as many biotechs as pharma companies.
Biogen Idec's hot-selling multiple sclerosis drug Tecfidera has to win reimbursement in individual European countries where governments have gotten stingy about parting with healthcare dollars. A decision Thursday by U.K. price watchdog NICE is an indication of the cost hurdles to be faced.
Take a look at Biogen Idec's new Kendall Square buildings, complete with treadmill desks, "huddle rooms" for impromptu meetings, and no private offices.
It looks like Roche's top two picks for the role of chairman--both execs from the multinational field--have taken a pass on the job. And that has left at least a couple of prominent biotech vets in the mix of possible candidates.
When George Scangos took the helm at Biogen Idec, he left little doubt that he couldn't much stand the company's gleaming new headquarters in Weston, MA, the brainchild of ex-CEO Jim Mullen. R&D in Cambridge was where it was at, and that's where he spent the bulk of his time.
Biogen Idec CEO George Scangos took home one of the largest pay packages in the biotech industry in 2012--a total of $13.45 million in 2012, a 19% jump in pay from his $11.33 million pay package the previous year, the Weston, MA-based company reported Monday in a proxy statement.
With $4 billion of Copaxone revenue on the line, it's no surprise to find Teva waving a red flag to the FDA as Biogen Idec gets down to the regulatory wire with its closely watched competitor BG-12. The big generics company filed a petition with the FDA demanding an advisory committee meeting to inspect what it has called potentially "serious safety risks."
Biogen Idec has shipped its application to the FDA for approval of an experimental therapy for the rare bleeding disorder hemophilia B. And the long-lasting clotting factor is the most advanced candidate in what could become the Weston, MA-based biotech giant's next blockbuster business.