Rochester, NY 8/10/2009 4:15:44 PM
After Hours - Biogen Idec Inc. BIIB - Biogen is taking legal steps over the company’s Elan/J&J deal
Biogen Idec Inc. BIIB
Biogen Idec Inc. recently announced that the company is evaluating the legal steps that it would take after Irish drugmaker Elan Corp filed suit to block Biogen from its control over the multiple sclerosis drug Tysabri.
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Biogen said it sent a letter to Elan on July 28, alleging Elan is in material breach of a collaboration agreement between the two companies. The breach stems from a deal Elan signed with Johnson & Johnson (JNJ.N) that gives J&J an option to finance any acquisition by Elan of Biogen's share of Tysabri, it said.
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