Biogen Idec

Icahn buys up cheaper Biogen Idec shares

John Carroll — Tue, 12 Aug 2008 11:57:21 -0400

Is Carl Icahn girding for a renewed war with Biogen Idec's management team? That's the question on Wall Street's mind after hearing the rebellion-prone investor had taken advantage of the recent plunge in the price of Biogen Idec shares to boost his ownership of the company to six percent.

Icahn had backed off of his fight to push the company into a sale after failing to gain enough votes to advance a slate of board members. The Wall Street Journal notes that he has made sounds recently suggesting he may try once again to spur an auction of the company.

- read the story from the Wall Street Journal

Icahn loses a big round with Biogen Idec

John Carroll — Thu, 19 Jun 2008 11:47:37 -0400

Carl Icahn's high noon showdown with the executive team at Biogen Idec ended in a rare defeat for the Wall Street spoiler. Icahn conceded the fight, saying his slate of proposed board members had failed to gain enough support from investors. But the New York Times notes that Icahn may ultimately win the war over a prospective sale of the company.

Icahn had claimed that Biogen Idec had only half-heartedly attempted to find a buyer for the company last fall. The biotech company took itself off the auction block in December, saying no one had offered enough money to justify a sale. Now, though, with the dollar in decline and the euro running hot, a new bidder may yet emerge with enough money to win over the reluctant executives left running the company.

- read the report from the New York Times
- see this release from Biogen

Mpex in pact with GSK; Biogen favored in Icahn spat; Maxygen shares slide on threatened patent dispute;

John Carroll — Mon, 16 Jun 2008 07:31:17 -0400

> Mpex has inked a collaboration deal with GlaxoSmithKline. The collaboration provides GlaxoSmithKline access to Mpex's novel efflux pump inhibitors and related technology for use in combination with a variety of antibiotics. Mpex will receive an $8.5 million upfront payment and a $6.5 million equity financing commitment from GlaxoSmithKline. Contingent on achieving certain milestones, Mpex is eligible to receive development, regulatory and commercial milestones ranging up to $200 to $250 million for each product candidate. Release

> With three proxy advisory firms backing Biogen Idec against Carl Icahn, analysts say the biotech company should prevail in the disputed battle for board domination. The decision will determine whether Biogen remains independent or goes back on the auction block. The annual meeting is June 19. Report

> Shares of Maxygen slid 28 percent on Friday on investors' fears that the company may be sued by Amgen for patent infringement. Report

> SkyePharma announced this morning that the approval of GSK's Requip XL Parkinson's relief drug will provide a new stream of royalties for the company. Report

> MorphoSys announced that OncoMed Pharmaceuticals has triggered its option to extend the current license agreement between the two companies and has initiated two therapeutic antibody development programs targeting cancer stem cells. Release

> India's Jupiter Biosciences has forged a licensing deal with California-based GI Logics for developing and marketing Diamox, a product that targets H pylori bacteria. Story

> Chemical Heritage Foundation and the Biotechnology Industry Organization will present the ninth annual Biotechnology Heritage Award to Henri A. Termeer, chairman, president and CEO of Genzyme Corporation. Release

> Is what's good for pharma good for its regulators, too? As we all know, Big Pharma's outsourcing of active ingredients and manufacturing has caused a big bout of hand-wringing on the governmental side as FDA has struggled to keep up--and largely failed. The Bush administration has been pushing a plan to expand private inspections to drugs and other imports. Report

> And you thought the odds on new-drug approvals at the FDA were bad. Generics get the thumbs-down 96 percent of the time, according to a new report from the Inspector General. Generics report

> Can Shire weather the upcoming loss of Adderall XR to the off-patent wildnerness? Report

> In the investment world, the proposed Daiichi Sankyo-Ranbaxy Laboratories merger is just another big deal. But in India, it's taken on symbolic significance. Report

> GlaxoSmithKline is tops at getting medicines into the hands of the poor, a new report shows. At No. 3, Merck is the only U.S. company to make the top seven. No Japanese companies made the list, and generics makers ranked close to the bottom of the top 20. GSK report

And Finally... BIO chief James Greenwood talked legislative strategy in the lead-up to the San Diego meeting. At the top of the list: Funding for the FDA and the NIH and generics manufacturing rules. Report

Limerick raises $15M; Icahn offered $15B for Biogen; Neogen expands R&D

John Carroll — Thu, 12 Jun 2008 10:27:38 -0400

> Limerick BioPharma has ginned $11 million in venture funds and borrowed $4 million more to advance its work on the bioavailability of drugs. Arch Venture Partners, Sevin Rosen Funds and Altitude Funds are all listed as investors. Report

> Researchers have presented new data backing Cimzia over competitors for the rheumatoid arthritis category. Report

> Carl Icahn offered to pay up to $15 billion for Biogen Idec last October. Report

> Idenix reported positive phase I/II data on IDX899, which is being developed to treat HIV-1. Report

> Neogen says it intends to double its research and development efforts for its new fiscal year by hiring 23 additional R&D personnel by early fall. Neogen release

> Opexa Therapeutics announced favorable safety and efficacy data for Tovaxin, a T-cell vaccination therapy for multiple sclerosis, in the second year of open-label clinical re-treatment studies in patients with MS. Opexa release

> OPKO Health has acquired exclusive worldwide rights in the field of ophthalmology to a novel small molecule agent in Phase II clinical development for the treatment of viral conjunctivitis and other viral infections. OPKO release

> Vical has received $6.3 million from AnGes under a previously announced collaborative agreement for continued funding of the company's ongoing Allovectin-7 Phase III metastatic melanoma trial. Vical release

> Cell Therapeutics has sold $23 million in senior convertible notes. Report

And Finally... Baxter International says that a human trial of its Celvapan bird flu vaccine demonstrated that it spurred an immune response against three strains of the lethal virus. This is the first time that researchers have developed a flu vaccine using a virus grown in cell cultures rather than eggs. Vaccine report

Icahn accuses Biogen of lying about sales process

Thu, 05 Jun 2008 06:59:55 -0400

Hell hath no fury like Icahn scorned. Frustrated by Biogen Idec's decision to take itself off the market, Carl Icahn (photo) is now accusing the biotech giant of lying about its prospective buyers. Icahn says Biogen Idec's documents filed with the SEC are full of "inconsistencies" and "untruths." Contradicting the SEC documents, Icahn's group says that the company's board had little input in the sales process and rejected the company's claim that it did not stand in the way of talks with its drug partner Elan.

"It appears at least one potential bidder was denied its request to talk to Elan before submitting a binding offer, which may have caused that bidder to walk away from the process," states Icahn's filing.

- check out the AFX story

C&L: PDL BioPharma's L. Patrick Gage resigns

Wed, 04 Jun 2008 06:59:52 -0400

PDL BioPharma director and interim Chief Executive L. Patrick Gage resigned due to differences among the board about prioritizing company goals.

Histogenics has named F. Ken Andrews president and CEO. Andrews is a former vice president of marketing and sales of the tissue repair division of Genzyme.

Epix Pharmaceuticals announced the resignation of Dr. Andrew Uprichard from his position as president and head of research and development.

Alexza Pharmaceuticals announced that Jeffrey S. Williams has rejoined the company in a part-time position as president, Alexza Singapore, a wholly owned subsidiary of Alexza.

Biogen Idec has promoted Hans Peter Hasler to chief operating officer. He had been executive vice president, global neurology.

Etrials Worldwide said James W. Clark, Jr. has resigned his position as secretary, treasurer and chief financial officer.

Genmab AS said it has appointed David Eatwell as new chief financial officer of the group.

Amazon Biotech announced that Dr. Michael Silver has been appointed as the company's new scientific director.

ImClone Systems has appointed Bernhard Ehmer, M.D. as senior vice president and managing director, international operations.

Adolor Corporation has promoted Lee Techner, DPM to vice president, medical affairs and medical director.

MAP Pharmaceuticals has appointed Marco F. Rosa to the newly created position of vice president of human resources.

Stem Cell Therapeutics Corp. has appointed Thomas Franck as vice president of commercial planning.

BioChemics has named Dr. R. Rox Anderson, professor at Harvard Medical School, as a member of the company's Scientific Advisory Board.

DermTech announced that Herbert A. Fritsche, Ph.D., has joined DermTech's Scientific Advisory Board.

Avantogen Ltd welcomed Professor Ian Frazer to the Scientific Advisory Board of Hawaii Biotech Inc.

Provectus Pharmaceuticals has announced that Kelly M. McMasters MD, PhD, has agreed to serve as a member of the corporate board of directors. Additionally, Dr. McMasters will head the scientific advisory board.

TOPIGEN Pharmaceuticals has named Jeremy Curnock Cook, MA, to its board of directors.

Trius Therapeutics announced the appointment of Paul Truex to its board of directors.

NanoBio announced the appointment of David M. Stout to its board of directors.

Enzon Pharmaceuticals announced that Dr. Jack Geltosky has been appointed to the company's board of directors

E&Y forecasts new wave of biotech deal-making

Tue, 20 May 2008 06:59:58 -0400

Ernst & Young took a look into biotechnology's crystal ball and came up with a world of opportunity and some troubling trends that could crimp a record run of new deals. Look for the ongoing convergence of biotech and big pharma, says the big accounting firm in its annual look at the global industry. And along the way, look for one or more near-term mega-mergers.

"One or more mega acquisitions of mature biotechnology companies along the lines witnessed with MedImmune--and nearly seen with Biogen Idec in 2007--is likely," says the report. The hunger to add more experimental therapies into the pipelines of mature developers will keep the most innovative biotech companies in the running for a wide variety of deals, says Ernst & Young. And that will make it a sellers market, with valuations running high.

Those trends will all keep biotech buffered from the worst effects of an economic downturn. The industry has long been a collective money loser, but with deal-making running hot and heavy, private investors are likely to take a long view in getting a return on their cash. Last year, says E&Y, biotechs raised $30 billion, including $5.5 billion in venture funds.

- see the E&Y report
- read the report from the San Jose Mercury News

ALSO: It's not all good news for biotech, though. E&Y's Scott Morrison also notes that the ongoing slowdown of FDA approvals bodes ill for the industry, with growing pressure from lawmakers on high drug prices and a distinct fallout being felt from the subprime meltdown. And cooling public markets won't make life any easier for biotechs. Report

Enzon spins off biotech ops into $150M enterprise

Wed, 07 May 2008 06:59:57 -0400

Enzon Pharmaceuticals has decided to spin off its biotech operations into a new company, adopting a suggestion floated by none other than Carl Icahn. Icahn has been making quite a name for himself as a mover and shaker-upper in the biotech industry. Unlike Biogen Idec, which is now barricading the doors against Icahn's campaign to push a sale, Enzon appears to have quickly changed game plans under pressure from Icahn--separating its business into specialty pharma and biotechnology.

Icahn reported a 6.9 percent stake in the company last March, according to the Wall Street Journal, and swiftly suggested either a spin-off or sale of the company.

"The separation will enable the two businesses to compete more effectively in their respective markets and optimize their business goals, research initiatives and capital requirements," says Chief Executive Jeffrey H. Buchalter. Enzon CFO Craig Tooman will become president and CEO of the new company, which will start off with $150 million in the bank to fund R&D efforts. That's enough to fund operations for two to three years.

- see Enzon's release
- check out the article in the Wall Street Journal

CEO pay: Who makes what in Big Biotech?

Wed, 30 Apr 2008 06:59:57 -0400

What do you get when you make it to the top of of Big Biotech's biggest companies? Millions in compensation, for one thing. But although the average pay for the CEOs listed is $14.42 million, most saw a decline from 2006 levels, underscoring the stock market challenges some biotechs faced in 2007. Take, for instance, Amgen CEO Kevin Sharer. Though he came out on top in this year's CEO pay ranking, Sharer's pay down 17 percent from 2006. His base salary was up slightly to $1.55 million but he took a hit on stock awards and incentive plan compensation. Arthur Levinson (Genentech), Henri Treemer (Genzyme), John Martin (Gilead) and James Mullen (Biogen Idec) round out the five highest paid Big Biotech execs.

Because companies each have their own approach to reporting CEO pay, FierceBiotech's CEO numbers are based on total compensation reported in these companies SEC filings. The number include base salary, bonus and "other" compensation in 2007. Click below to see what biotech's biggest players made last year.

- see this CEO pay report for more

Related Article:
Big Biotech's Stock Report

Rituxan fails (again) in late-stage lupus trial

Tue, 29 Apr 2008 06:59:55 -0400

Genentech and Biogen Idec were taking it on the chin this morning after researchers announced that Rituxan had failed in a later-stage trial as a therapy for lupus. The failure won't harm the blockbuster's penetration of the markets for non-Hodgkin's lymphoma and rheumatoid arthritis. But the companies had high hopes for the drug's ability to treat a condition with few therapeutic options to pick from. Analyst estimated potential sales in that one category at more than a billion dollars.

Rituxan block B cells, which play a role in inflammation, and has already been put into use for lupus on an off-label basis. Rituxan also recently failed a late-stage trial for MS.

- here's the Rituxan release
- read the story in the Wall Street Journal