Friday, September 30, 2011

Biogen chairman takes $1.5M from stock sale

By Julie M. Donnelly, Boston Business Journal

Biogen Idec Inc. (Nasdaq: BIIB) board Chairman William Young pocketed approximately $1.5 million by exercising 33,250 shares of the Weston-based biotechnology company’s stock at prices between $46.99 and $59.17, then immediately selling them at Tuesday’s opening price of $96.14.

Young, 66, has served as Biogen’s chairman since January 2010. He has also been a venture partner in Clarus Ventures LLC, a life sciences venture capital firm, since March 2010. Young previously served as the CEO of Monogram Biosciences Inc. and held the role of COO at Genentech Inc., now owned by Swiss drug maker Roche AG.

Biogen’s share price has risen 41 percent since the beginning of the year, and closed Wednesday at $95.04.

Earlier this month, Young sold Biogen stock worth $3.32 million, netting $1.69 million from the sale.

Young was named chairman of Biogen Idec at the start of 2010, after former chairman Bruce Ross resigned when his term expired.