Biogen Inc. and Idec Pharmaceuticals
Corp. shareholders approved their $5.8 billion merger, creating
the third-biggest U.S. biotechnology company.
The stock transaction is expected to be completed by
today, Biogen officials said. James Mullen, Biogen’s chief
executive officer, will be the combined company’s CEO.
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The new company, to be called Biogen Idec Inc., will have
two drugs with more than $1 billion in annual sales and more than
$550 million to spend next year on developing medicines. It will
also be better able to compete against larger drugmakers with
promising experimental treatments, company officials said.
Biogen Idec will develop new medicines “on a larger scale,
better and faster than we would have as separate companies,”
Biogen Chief Financial Officer Peter Kellogg told shareholders at
a meeting, which was Webcast, in Cambridge, Massachusetts, the
company’s hometown.
Bloomberg News
