Biogen (BIIB) to Acquire 100% of Dompé, Expand Presence in Europe
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Biogen Idec (Nasdaq: BIIB) reports it will acquire 100 percent of Dompé shares in its joint ventures in both Italy and Switzerland.
From the release:
"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.
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. They were then expanded to include commercial, distribution and service rights for TYSABRI® upon the therapy’s approval in each respective market."
From the release:
"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.
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. They were then expanded to include commercial, distribution and service rights for TYSABRI® upon the therapy’s approval in each respective market."
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