Biogen, IDEC announce merger

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Monday, June 23, 2003 | 9:50 a.m.

CAMBRIDGE, Mass. -- Biogen and IDEC Pharmaceuticals, two companies looking for cures for cancer and autoimmune disorders, announced plans today to merge in a stock swap, the latest consolidation in the biotech industry.

The new company, to be headquartered in Cambridge, would be called Biogen IDEC Inc. and have more than 1,000 researchers, the companies said. Together, they had $1.55 billion in pro forma 2002 revenue, they said.

IDEC, which is based in San Diego, makes the non-Hodgkin's lymphoma drug Rituxan. It had $404.2 million in sales last year.

Cambridge-based Biogen, with $1.15 billion in sales last year, is best known for its multiple sclerosis drug Avonex.