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

Here’s how a Twitter engineer says it will break in the coming weeks

One insider says the company’s current staffing isn’t able to sustain the platform.

Technology that lets us “speak” to our dead relatives has arrived. Are we ready?

Digital clones of the people we love could forever change how we grieve.

How to befriend a crow

I watched a bunch of crows on TikTok and now I'm trying to connect with some local birds.

Starlink signals can be reverse-engineered to work like GPS—whether SpaceX likes it or not

Elon said no thanks to using his mega-constellation for navigation. Researchers went ahead anyway.

Stay connected

Illustration 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.