Biogen Idec is planning to embark on a deal-making spree in a bid to regain its footing after it was rocked by the suspension of its highly touted multiple sclerosis offering, Tysabri (natalizumab) [[01/03/05a]].
The US company is expected to step up its business development activity with the purchase of some developmental drugs, according to a Reuters report. These purchases will likely be products at a later stage in the developmental process than anything Biogen Idec already has in its pipeline.
The firm’s share price has lost almost half of its value since it voluntarily withdrew Tysabri from the market after one patient taking the drug died from a rare central nervous system disease. Last week it withdrew its financial guidance for 2005 as a result of the Tysabri withdrawal, saying said that investors should no longer rely on the financial guidance issued in February of earnings per share of between $1.60 to the low $1.70s, versus $1.44 in 2004 [[04/04/05a]], [[08/02/05b]].