Boston

Biogen Idec may join migration to the 'burbs

John Carroll — Fri, 03 Oct 2008 08:57:12 -0400

Biogen Idec may join the exodus of biotech companies leaving Cambridge, MA and move its corporate HQ on out to the suburbs. CEO Jim Mullen (photo) says there's a pretty simple reason why the biotech giant may relocate to Weston: money.

"It's sort of the natural evolution of these things," Biogen Idec chief executive Jim Mullen tells the Boston Globe. "The cost of running a business in Cambridge is pretty high." Mullen plans to make a firm decision by the end of the year.

Cambridge, MA has developed into a thriving biotech hub largely because of the world-class scientific talent in town. But more than a half dozen biotech companies have left Cambridge in the past year to take advantage of the lower operating costs of the ‘burbs. Mullen made it clear, though, that whatever happens to the company's corporate workers, Biogen Idec's R&D work will continue to stay close to MIT, so it can retain and recruit the brainpower it needs.

- read the report from the Boston Globe

Developer plots sprawling biotech complex near Boston

John Carroll — Tue, 22 Jul 2008 11:49:00 -0400

A developer has blueprinted a sprawling 250-acre biotech complex in the Boston area's thriving life sciences cluster. Patriot Partners says it will negotiate with the town of Burlington for the land and development costs have been estimated in the hundreds of millions of dollars.

The developers do not have any tenants lined up for the laboratory and office space they're planning to build, but the suburbs around Boston have been attracting a large number of developers from Cambridge and other sites. It's also the first big development announced since the Legislature approved a $1 billion program to support the industry.

- reaad the story from the Boston Globe

GSK collaborates on immune disease research

Wed, 04 Jun 2008 06:59:57 -0400

GlaxoSmithKline has inked a five year, $25 million collaboration deal with the Disease Institute of Boston to conduct on immunoinflammation research. GSK and IDI researchers will develop joint grant proposals in targeted areas of research under an Alliance Research grant program. GSK gets first dibs on any drug targets identified through the collaboration.

"GSK is committed to becoming a world leader within 3 years in drug discovery of immuno-inflammation," said Jose Carlos Gutierrez-Ramos, head of the Immuno-Inflammation Center of Excellence for Drug Discovery of GSK. "This agreement fits perfectly with our strategy to pursue scientific excellence and technologies both internally and externally."

- see GSK's release for more

Biogen squares off against Icahn in board battle

Fri, 18 Apr 2008 06:59:55 -0400

The war between Biogen Idec and Wall Street raider Carl Icahn is heating up. The Boston-based biotech has rejected Icahn's nominees for the board of directors and is putting up a slate of its own candidates. And a spokesperson says it all comes down to Icahn's tunnel vision on selling the company.

"In the end," she tells the Wall Street Journal, "the board decided that Mr. Icahn's slate is pledged to a single-minded agenda to sell the company. Such a singular focus represents a risk to driving future value that would not be in the interest of all shareholders."

Last fall Biogen Idec put itself up on the auction block, only to step back down after failing to get an offer acceptable to the CEO and the board. Icahn isn't having any of that, though. He's already filed suit over the failed sale and has been hammering Biogen Idec to get back on the sales block.

- read the article in the Wall Street Journal

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Genzyme gets public backing for $200M expansion

Tue, 01 Apr 2008 07:59:55 -0400

Genzyme is getting some public backing for a $200 million expansion project in the south of Ireland. The Cambridge, MA-based biotech plans to hire about 170 people as it expands its manufacturing and research operations. Ireland has become a key global player in biopharma over the years, hosting a range of manufacturing and lab facilities. Teva announced its own expansion plans for Waterford last month.

- read the story from the International Herald Tribune

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Follica lands $5.5M in first round

Fri, 04 Jan 2008 06:59:55 -0500

Boston-based Follica has landed $5.5 million in its first round of financing. Interwest Partners led the round and existing investors PureTech Ventures also contributed. Follica is developing a therapy for androgenetic alopecia and other hair follicle disorders. The company will use to funding to complete a clinical proof of concept study.

"There is a great need for novel therapies; androgenetic alopecia begins as early as the teenage years or twenties, and affects about half the men and women in the United States by the age of 50," noted Follica co-founder Vera Price.

- see this release for more

VC model raises cash for rare disease drugs

Wed, 19 Dec 2007 06:59:56 -0500

The Wall Street Journal looks at the work of Boston-based venture capitalist Roger Kitterman, who has been able to coax investors to back badly needed therapies with none of the big upside that most would demand. He set up a shell company called Bezoloven that attracted angel backing for a grape-flavored therapy for lead poisoning, a category that developers had shunned and patient advocacy groups had ignored. By keeping trial costs down, Kitterman still projects the investors can double or triple their investments. And that same model could be used to fund other research programs into rare diseases.

- read the article from the Wall Street Journal

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What's Biogen Idec really worth to Big Pharma?

Mon, 29 Oct 2007 07:59:57 -0400

The Wall Street Journal has dug deep into the numbers at Biogen Idec, raising questions about the real value of the company. Biogen Idec is one of the original pioneers in biotechnology and recently came into play after Carl Icahn (photo) made an overture to buy it. After a bout of enthusiasm, observers now are wondering about the impact of near-term competition for its multiple sclerosis business, the company's shrinking profit share on Rituxan and questions regarding the true value of its pipeline therapies. Nevertheless, a hungry Big Pharma company like Pfizer could easily shrug off any doubters and make a big bid for the company, which is reportedly worth around $23 billion.

- read the article from The Wall Street Journal (sub. req.)

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Boston officials herald big Genzyme expansion

Tue, 18 Sep 2007 06:59:55 -0400

Genzyme broke ground today on a $150 million expansion on its manufacturing facility on the Charles River in Boston. The expansion will add 90 new workers to the 400 already employed at the plant. Local economic development groups have heralded the new project. The Boston Redevelopment Authority launched a new effort a few years ago to create 10,000 new life science jobs in the area by 2010. And they say that Genzyme's project will help them meet that goal. One wonders how they're doing the exact head count. Philadelphia threw a bunch of healthcare workers into its biotech pot when counting jobs a few years ago. These figures can be very creative.

- see Genzyme's release
- read the report from The Boston Globe

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