Biogen Idec has used some of its stockpile of cash to license three drugs from Protein Design Labs. The three antibodies in the deal include Daclizumab, which is in human trials as a therapy to prevent organ transplant rejections. Biogen Idec will pay $40 million upfront and invest $100 million into PDL as part of its deal to co-develop the therapies. PDL also stands to gain up to $660 million in milestones. Daclizumab has also shown potential as a treatment for asthma and multiple sclerosis, which may help boost Biogen Idec as it struggles with Tysabri.
"We are very pleased to forge a comprehensive global collaboration on these three products with PDL," said Jim Mullen, president and CEO of Biogen Idec. "This partnership will expand our oncology presence in solid tumors, while strengthening our position as a leader in multiple sclerosis research and development."
- read this feature from The Boston Globe for more