Biogen Idec fully acquires Biogen Dompé joint ventures

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(R). They were then expanded to include commercial, distribution and service rights for TYSABRI(R) upon the therapy’s approval in each respective market.