UPDATE 2-Biogen boosts investment in neurology with $1 bln Ionis deal [Reuters]
Biogen Inc. (BIIB)
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Source: Reuters
Biogen boosts investment in neurology with $1 billion Ionis deal | Reuters Reuters Staff 2 Min Read (Reuters) - U.S. drugmaker Biogen Inc rolled out part of its $37 billion investment warchest on Friday, signing a $1 billion deal that seeks to expand on the strength of an existing partnership with Ionis Pharmaceuticals Inc. The 10-year agreement, which gives Biogen the option to license and commercialize a range of neurological therapies, pushed shares in California-based Ionis up 9.5 percent to $50.20 before the bell. Ionis developed Spinraza, a treatment for rare disease spinal muscular atrophy that Biogen has licensed and sells. Analysts say it could replace multiple sclerosis treatment Tecfidera as Biogen’s biggest selling drug. The list price for Spinraza is $750,000 for the first year of therapy, dropping to about $375,000 a year after that. The deal, which comes ahead of Biogen’s first-quarter earnings report on Tuesday, includes a $625 million equity investment in Ionis and a
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