Antegren Data Delay Raises Eyebrows

Biogen Idec (BIIB:Nasdaq) and Elan (ELN:NYSE) insist there's no reason to read anything negative into their decision, announced Tuesday night, to keep the all-important clinical data on their new multiple sclerosis drug Antegren a secret until the Food and Drug Administration decides on the drug's approvability. That decision is expected in late November. In research notes published last night and this morning, sell-side analysts covering Biogen Idec are expressing some disappointment with the decision but are generally taking the company at its word. Call me a glass-half-empty guy (it won't be the first time), but this latest development has me wondering whether there's something amiss with Antegren.