Biogen Idec Invests In Alzheimer’s Disease (BIIB)
It seems that Biogen Idec Inc. (NASDAQ: BIIB) is investing further into Alzheimer’s Disease. A company called Probiodrug AG, a biotech with a particular focus on Alzheimer’s disease, announced on Monday that it had successfully closed a Series B financing round. The total round came to above 36 million Euros or more than $52 million today. This group had previously raised around $52 million before this current round.
Biogen Idec New Ventures unit joined BB Biotech and Edmond de Rothschild Investment Partners, as well as LSP Life Science Partners. Support also came from all existing institutional shareholders – IBG Fonds, TVM Capital, HBM BioVentures, CFH Group as well as private investors.
Rossella Medori from Biogen Idec New Ventures will join other appointees from the financing round with observer seats. BB BIOTECH is listed in Switzerland, in Germany and in Italy.
This is not Biogen’s first entry into Alzheimer’s Disease. In 2007, Biogen Idec announced an alliance with Neurimmune Therapeutics to develop novel, fully human antibodies for the treatment of Alzheimer’s disease. But the current pipeline listed on the company’s website has nothing solid for Alzheimer’s Disease that is directly owned by the company.
This is a very small deal when you consider Biogen Idec’s $12.5 billion market cap and considering its expected revenues of almost $4.4 billion for its Fiscal-2009. But this is one step among dozens that biotech companies use for establishing pipeline candidates or partnership opportunities for the future.
JON C. OGG
