Biogen Idec shortens its name to Biogen
NEW YORK (AP) — Biogen Idec Inc. is shortening its name to just Biogen as of Monday.
The biotechnology company is also introducing a new corporate logo. But it will maintain “BIIB” as its ticker symbol.
It said the moves reflects both its evolution and focus on bringing forth new therapies in areas of high unmet need while honoring its legacy as a pioneer in the biotechnology industry.
The company was created 12 years ago through the merger of Biogen with IDEC Pharmaceuticals and has since focused on three core areas, including neurology, immunology and hematology.
The rebranding is in conjunction with the company’s move to expand its focus on underserved conditions, including neurodegenerative diseases.
Biogen, based in Cambridge, Massachusetts, makes blockbuster multiple sclerosis treatments Avonex and Tecfidera, with $3.1 billion and $2.9 billion in revenue in 2014, respectively. It also makes the multiple sclerosis drug Tysabri, which had revenue of $2 billion in 2014. Other key treatments include a partnership with Genentech on the non-Hodgkin’s lymphoma treatment Rituxan.
Its pipeline of potential treatments includes daclizumab and natalizumab, aimed at types of multiple sclerosis and obinutuzumab, aimed at treating lymphomas. The company has already said it plans to develop six biosimilar drugs, which are cheaper versions of older biotech drugs with expired patents.
Last week, the company lit up the market with early, but positive study data from a potential Alzheimer’s disease drug.
Its share closed down $12.25, or 2.6 percent, to $463.73 Monday.