Biogen Idec Inc. (Nasdsaq: BIIB) has bought out the stake of its partner, Ireland's Elan Ltd. (NYSE; LSE; ISE: ELN), in multiple sclerosis drug Tysabri for $3.25 billion. Tysabri is a rival to Copaxone, made by Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA).
Tysabri had $1.6 billion in sales in 2012, compared with Copaxone's $2.94 billion in sales in January-September 2012. Copaxone has a 40% share of the US market. In 2005, Tysabri was pulled from the market, after some patients developed a rare brain infection called progressive multifocal leukoencephalopathy (PML) and a few died. The drug was later permitted for sales with restrictions.
Tysabri is Biogen's second largest drug, in terms of sales, after Avonex. Biogen plans to launch its oral multiple sclerosis drug, BG-12, later this year, if it obtains US Food and Drug Administration (FDA) approval, due in late March. BG-12 is a rival of Teva's oral multiple sclerosis drug, Laquinimod, which is under development.
Published by Globes [online], Israel business news - www.globes-online.com - on February 6, 2013
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