BIOGEN IDEC FULLY ACQUIRES BIOGEN DOMPÉ JOINT VENTURES
Weston, Mass. and Milan, Italy - September 6, 2011 – Biogen Idec (NASDAQ: BIIB) today announced the company will acquire 100% of Dompé shares in its joint ventures in both Italy and Switzerland. This integration is part of Biogen Idec’s and Dompé Group’s broader strategy to focus on each company’s respective core business. Under the terms of the agreement, the joint ventures will become 100%-owned affiliates of Biogen Idec, giving the company a direct commercial presence in 29 countries. The new affiliate offices will be renamed Biogen Idec Italia and Biogen Idec Switzerland. In addition, the parties have agreed to the assignment of certain outstanding credits held by the Italian joint venture. Further financial terms were not disclosed.
“We thank Dompé Group for being exemplary partners for nearly 15 years. This partnership delivered significant results, enabling Biogen Idec to solidify our position as a leader in multiple sclerosis research, development and care in both Italy and Switzerland,” said Francesco Granata, Executive Vice President of Global Commercial Operations, Biogen Idec. “To maintain this leadership position in an increasingly complex industry, we must have greater focus on our operational efficiencies and the use of our resources. Bringing the joint ventures in Italy and Switzerland into the Biogen Idec affiliate network will be crucial in helping us achieve this.”
Dompé will maintain its positioning as a fully integrated pharmaceutical and biotechnology company, covering the entire value chain from research and development to manufacturing and commercial operations, in the business areas of primary care, specialties and rare diseases.
“Our collaboration with Biogen Idec was fruitful and beneficial to both companies.” said Eugenio Aringhieri, Chief Executive Officer at Dompé Group. “We believe that, in an ever-changing industry, the need to develop innovative treatment solutions to cover unmet clinical needs is crucial. This deal with Biogen Idec will allow us to further concentrate on our core competencies as a research-based company and fully dedicate our efforts on the development of our proprietary product pipeline currently focused on rare diseases.”
The joint venture collaboration between the two companies began in 1997 as Biogen Dompé in Italy and Switzerland. Initially, the joint ventures were responsible for the commercialization of AVONEX®. They were then expanded to include commercial, distribution and service rights for TYSABRI® upon the therapy’s approval in each respective market.
About Biogen Idec
Biogen Idec uses cutting-edge science to discover, develop, manufacture and market therapies for serious diseases with a focus on neurology, immunology and hemophilia. Founded in 1978, Biogen Idec is the world’s oldest independent biotechnology company. Patients worldwide benefit from its leading multiple sclerosis therapies, and the company generates more than $4 billion in annual revenues. For product labeling, press releases and additional information about the company, please visit www.biogenidec.com.
Dompé is one of the main Italian biopharmaceutical companies, focused on advanced and innovative solutions for unmet medical needs. It is a fully-fledged company, covering all the stages of the pharmaceutical process, from R&D to production and commercialization. Its
products are commercialized in more than 60 Countries worldwide. Its proprietary research and product pipeline is currently focused on the rare diseases. The Group invests more than 10% of revenues invested in R&D. For further information, please visit www.dompe.com.
Biogen Idec Safe Harbor
This press release contains forward-looking statements, including statements about the development and commercialization of treatments for multiple sclerosis. These forward-looking statements may be accompanied by such words as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "will" and other words and terms of similar meaning. You should not place undue reliance on these statements. Drug development and commercialization involve a high degree of risk. Factors which could cause actual results to differ materially from our current expectations include the risk that adverse safety events may occur, regulatory authorities may require additional information or may fail to approve any potential new therapy, reimbursement for our products may be limited or unavailable, we may encounter problems with our manufacturing processes, we may be unable to adequately protect our intellectual property rights, and the other risks and uncertainties that are described in the Risk Factors section of our most recent annual or quarterly report and in other reports we have filed with the SEC. These statements are based on our current beliefs and expectations and speak only as of the date of this press release. We do not undertake any obligation to publicly update any forward-looking statements.