Tuesday, September 6, 2011

Biogen Idec to buy out Dompé joint ventures

By Rodney H. Brown

Biogen Idec Inc. plans to buy out its partner Dompé Group from the joint ventures the two companies operate in Italy and Switzerland, making them wholly owned subsidiaries of Biogen Idec.

Weston-based Biogen Idec (Nasdaq: BIIB) did not disclose in a release about the deal any financial details of the buyout, other than to say that “certain outstanding credits held by the Italian joint venture” will be assigned to Biogen Idec as part of the transaction. The new units will be renamed Biogen Idec Italia and Biogen Idec Switzerland, according to the release.

Biogen and Italian firm Dompé first launched the joint ventures in 1997 for the purpose of a pair of Biogen drugs — first Avonex, followed by Tysabri.

In late July, Biogen won conditional approval from the European Commission to market its oral multiple sclerosis therapy Fampyra in Europe. According to Biogen Idec, Fampyra enhances neurologic function by improving impulse conduction across demyelinated neurons.

Just one week prior to that EC approval, Biogen was reported to be leaving Weston, following just one year in the Boston suburb, to return its headquarters to Cambridge. The company is building two new buildings in Kendall Square – a 190,000-square-foot building at 17 Cambridge Center and a 305,000-square-foot site on Binney Street.