Biogen Inc., a biotechnology company
with two drugs on the market, said the Antegren medicine it’s
developing with Ireland’s Elan Corp. failed to significantly
reduce symptoms of an intestinal disorder in a study.
The drug did not meet a goal of reducing Crohn’s disease
in the third and last phase of tests generally required for
regulatory approval, the companies said in a release. Results
will be discussed at medical meetings later this year and other
studies continue, they said. Shares of Biogen and Elan declined.
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Biogen, which agreed last month to merge with Idec
Pharmaceuticals Corp., has been trying to get more drugs to
market to boost sales and profit. Elan also needs new products
after accounting probes and product setbacks helped prompt a
96 percent decline in its share price last year, analysts said.
“I haven’t liked Biogen for a while because sales seem to
be slowing,” said June Scott, who advises on health-care
companies.
Bloomberg News
