April 11, 2011
By THOMAS GRYTA
Biogen Idec Inc.’s oral drug for multiple sclerosis showed success in the first of two large clinical trials, moving the company closer to gaining a foothold in an important new market.
Biogen derived most of its $4.7 billion in 2010 revenue from sales of MS drugs Avonex and Tysabri, but hasn’t launched a new product since the latter was approved in 2004. Having an oral treatment for the disease is important as the MS-treatment market gets more competitive and pressures Biogen’s core business.
Novartis AG already sells Gilenya, the first and only approved MS pill, and Teva Pharmaceutical Industries Ltd. is expected to provide detailed data on the first late-stage study of laquinimod at a medical meeting later this week.
Biogen shares recently rose 7% to $78.30 in early afternoon trading Monday on the Nasdaq Stock Market on the news, continuing a recent run that puts the stock at its highest levels since late 2007, when Biogen unsuccessfully attempted to sell itself.
The data show that the Biogen drug, BG-12, given either twice or three times a day, met the main goal of reducing the number of patients that relapsed at two years compared with placebo. The study included more than 1,200 patients.
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