Mergers and acquisitions

Merger Creates Biotech Giant

In an all-stock deal worth $6.8 billion, IDEC Pharmaceutical Corp. (San Diego, CA; www.idecpharm.com) and Biogen, Inc. (Cambridge, MA; www.biogen. com) have signed a definitive agreement to merge, berthing a new company, Biogen IDEC, Inc. (Cambridge, MA). The transaction is expected to close late in the third quarter of 2003 or early 2004. The merger supports IDEC's growing focus on autoimmune diseases, one of Biogen's strengths, while enabling Biegen to develop its capabilities in cancer treatment, IDEC's forte. Biogen IDEC will bolster its product portfolios and revenue with two blockbuster drugs, AVONEX (for treatment of relapsing forms of multiple …