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Biogen Idec Inc. is entering into a multiple sclerosis drug development and marketing deal with New York firm Acorda Therapeutics Inc. that could see Biogen spending more than $500 million.
The drug in question is MS treatment Fampridine-SR, and Cambridge-based Biogen (Nasdaq: BIIB) has licensed its rights for markets outside the United States. Biogen will give Acorda (Nasdaq: ACOR) $100 million in upfront payments and could provide as much as $400 million more based on reaching regulatory and sales milestones, according to officials.
Acorda will be sublicensing Fampridine-SR through an existing license agreement between Acorda and a subsidiary of Elan Corp. plc (NYSE:ELN). Under the existing agreements with Elan, Acorda will pay Elan 7 percent of the upfront and milestone payments that Acorda gets from Biogen Idec. Acorda will continue to develop and commercialize the MS treatment independently in the U.S. The U.S. Food and Drug Administration (FDA) is reviewing a new drug application for Fampridine-SR, which has been assigned a “priority review” with a targeted review date of Oct. 22.
Earlier this week, Biogen saw its stock take a hit after it confirmed that another patient taking its own MS drug, Tysabri, has been diagnosed with a potentially fatal brain infection called progressive multifocal leukoencephalopathy, or PML. The news prompted shares of Biogen stock to drop 6 percent, to $46.99, at midday on Monday.
Founded in 1978, Biogen Idec produces drugs for patients in more than 90 countries. Its drugs treat diseases such as multiple sclerosis, lymphoma and rheumatoid arthritis. The company reported a profit of $783 million for 2008, on revenue of $4.1 billion.
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