CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jun. 16, 2009--
Biogen Idec (Nasdaq: BIIB) today announced that an arbitration panel has
issued its decision concerning the Company’s collaboration agreement
with Genentech, Inc., reaffirming Biogen Idec’s contractual right to
fully participate in strategic decisions regarding the development of
RITUXAN® (rituximab) and other anti-CD20 antibodies subject
to the collaboration.
Specifically, the arbitration panel ruled that a Joint Development
Committee (JDC) comprised of three members from each company must
unanimously approve a development plan for each specific indication.
Based on that finding, the panel also ruled that, absent unanimous
approval of the JDC, Genentech may not proceed with further development
of 2H7v16 in neuromyelitis optica, 2H7v16 in relapsing-remitting
multiple sclerosis (RRMS), or 2H7v114 for oncology. Genentech may
continue clinical trials for 2H7 in rheumatoid arthritis and lupus.
“We are pleased the arbitration panel upheld our reading of the contract
and affirmed our joint decision-making rights,” said James C. Mullen,
Biogen Idec’s President and CEO. “Our partnership with Genentech has
been extraordinarily successful, and we look forward to continuing to
work with them to help patients in a wide range of diseases.”
The arbitration panel rejected Genentech’s assertion that the November
2003 merger of IDEC Pharmaceuticals Corp. and Biogen Inc. constituted a
change of control.
Biogen Idec co-promotes RITUXAN, a treatment for certain B-cell
non-Hodgkin’s lymphomas and rheumatoid arthritis, with Genentech in the
United States. Biogen Idec entered into the collaboration with Genentech
in March 1995. Biogen Idec filed its Demand for Arbitration in June 2006.
About Biogen Idec
Biogen Idec creates new standards of care in therapeutic areas with high
unmet medical needs. Founded in 1978, Biogen Idec is a global leader in
the discovery, development, manufacturing, and commercialization of
innovative therapies. Patients in more than 90 countries benefit from
Biogen Idec's significant products that address diseases such as
lymphoma, multiple sclerosis and rheumatoid arthritis. For product
labeling, press releases and additional information about the company,
please visit www.biogenidec.com.
Source: Biogen Idec
Biogen Idec Media Contact:
Jennifer Neiman, 617-914-6524
Senior
Manager, Public Affairs
or
Biogen Idec Investor Relations
Contact:
Eric Hoffman, 617-679-2812
Director, Investor
Relations
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