Skip to Content

Biogen Idec ends exploration of a possible sale after failing to attract offers, stock plunges

December 12, 2007

Biotechnology company Biogen Idec Inc. said Wednesday it did not receive any definitive buyout offers during a recent strategic review and will remain an independent company.

The stock plunged 26 percent to $55.92 in after-hours trading after closing at $75.88.

The company announced its intention Oct. 12 to explore the possibility of a sale. It already had interest from billionaire investor Carl Icahn. Wall Street speculated that potential buyers could include Pfizer Inc., GlaxoSmithKline PLC, Sanofi-Aventis, and Novartis AG.

”The board (of directors) emphasized that Biogen Idec’s business strategy is working and generating strong operating and financial performance,” the company said in a statement. ”The board noted that it is confident that continued execution of the company’s business plan will result in attractive value for stockholders.”

The company was represented by Goldman Sachs & Co. and Merrill Lynch & Co. throughout the process.

Keep Reading

Most Popular

open sourcing language models concept
open sourcing language models concept

Meta has built a massive new language AI—and it’s giving it away for free

Facebook’s parent company is inviting researchers to pore over and pick apart the flaws in its version of GPT-3

transplant surgery
transplant surgery

The gene-edited pig heart given to a dying patient was infected with a pig virus

The first transplant of a genetically-modified pig heart into a human may have ended prematurely because of a well-known—and avoidable—risk.

Muhammad bin Salman funds anti-aging research
Muhammad bin Salman funds anti-aging research

Saudi Arabia plans to spend $1 billion a year discovering treatments to slow aging

The oil kingdom fears that its population is aging at an accelerated rate and hopes to test drugs to reverse the problem. First up might be the diabetes drug metformin.

Yann LeCun
Yann LeCun

Yann LeCun has a bold new vision for the future of AI

One of the godfathers of deep learning pulls together old ideas to sketch out a fresh path for AI, but raises as many questions as he answers.

Stay connected

Illustration by Rose WongIllustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at customer-service@technologyreview.com with a list of newsletters you’d like to receive.