Biogen successfully made the transition from a licensing company to a company that manufacturers and markets its own products. Its Avonex treatment for multiple sclerosis is now the world-wide standard of care, and is expected to see continued ~15% annual growth. Offerings by Chiron and Teva fall short of Avonex's efficacy; Ares-Serono's beta interferon is a knock-off and is excluded from the US due to Avonex's Orphan Drug status.
The current question is, "What next?" Anti-CD40L, VLA4, OP-1, all experienced soluability problems and Biogen's versions are not being pursued at the moment. Adentri was reset a year or so ago and, if it makes in through the clinic, will not come to market until 2005.
A couple of answers to "what is next?": Amevive for psoraiasis looks good and is expected on the market within another year. Antegren, a reformulation of VLA-4, is partnered with Elan, and is currently in PIII trials for MS and Crohns.
The company is conservatively managed, is underaggressive on the acquisition front, and has tremendous financials.
Opinions, information and questions are welcome. |
