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Article: Mergers and acquisitions
- Article from:
- Chemical Engineering Progress
- Article date:
- August 1, 2003
- Author:
CopyrightCopyright American Institute of Chemical Engineers Aug 2003. Provided by ProQuest LLC. (Hide copyright information)
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Merger Creates Biotech Giant
In an all-stock deal worth $6.8 billion, IDEC Pharmaceutical Corp. (San Diego, CA; www.idecpharm.com) and Biogen, Inc. (Cambridge, MA; www.biogen. com) have signed a definitive agreement to merge, berthing a new company, Biogen IDEC, Inc. (Cambridge, MA). The transaction is expected to close late in the third quarter of 2003 or early 2004. The merger supports IDEC's growing focus on autoimmune diseases, one of Biogen's strengths, while enabling Biegen to develop its capabilities in cancer treatment, IDEC's forte. Biogen IDEC will bolster its product portfolios and revenue with two blockbuster drugs, AVONEX (for treatment of relapsing forms of multiple sclerosis) ...