Pharma BD Deal Intelligence
The IDEC-Biogen merger of equals aged as one of biotech's clearest value-creation stories, even though the "IDEC" half of the strategic thesis (broadening into oncology) was largely abandoned within a decade.
Full analysis, sources & comparables →Combined company will have two blockbuster drugs (Avonex, Rituxan), 10 products in clinical development, and target $300M+ cumulative operating expense…
The merger created what was then 'the 3rd largest Biotechnology company in the world,' though the company eventually shortened its name back to Biogen and…
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Definitive merger agreement announced June 23, 2003. Stock-for-stock ~$6.4-6.7B. Closed November 12, 2003 forming Biogen Idec. Largest biotech merger between independents at the time. Sources: CNN Money 6/23/2003, Biogen Idec 10-Q SEC filings.
The IDEC-Biogen merger of equals aged as one of biotech's clearest value-creation stories, even though the "IDEC" half of the strategic thesis (broadening into oncology) was largely abandoned within a decade.
Assessment window: 15yr post-close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| IDEC Pharmaceuticals Corporation / Biogen Inc. (this deal) | 2003 | $6.5B | 77 |
| Eli Lilly and Company / Applied Molecular Evolution Inc. | 2003 | $400M | 88 |
| Takeda Pharmaceutical Company Ltd. / Millennium Pharmaceuticals | 2003 | $8.8B | 82 |
| Genzyme Corporation / SangStat Medical Corporation | 2003 | $600M | 78 |
| Takeda Pharmaceutical Company Ltd. / Ariad Pharmaceuticals | 2003 | $5.2B | 77 |
| Johnson & Johnson / Crucell NV | 2003 | $2.4B | 75 |
| Cardinal Health Inc. / Syncor International Corporation | 2003 | $760M | 74 |
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