Biogen (BIIB) Drops Idec From Corporate Name, Expands Ambitions in Alzheimer's, ALS
3/23/2015 6:14:21 AM
March 23, 2015
By Krystle Vermes, BioSpace.com Breaking News Staff
Massachusetts-based Biogen Idec (BIIB) announced today that it will officially be dropping Idec from its name, taking on the new title of Biogen. In addition, the company will be introducing a new corporate identity and logo that highlight its focus on therapies for unmet medical needs. Chief Executive Officer George Scangos told Reuters that Biogen is making progress in treatments for Alzheimer’s disease, ALS and other nerve degenerative diseases.
“After 12 years operating as Biogen Idec, our company will now be known simply as Biogen,” said Scangos, in a letter on the company website. “In the years since Biogen and Idec merged, we’ve made remarkable progress as a research organization, a commercial enterprise, a provider of medicines and a corporate entity”
Scangos went on to write that although the old Biogen and old Idec contributed to the company’s current success, Biogen is now a distinct company. He also noted that the new name is meant to acknowledge Biogen’s heritage, but embrace its new image.
Biogen Idec’s previous logo depicted the company’s name in lowercase letters, encased by fine black lines. The new Biogen logo is a grass green sphere with one-third of it filled in with light blue.
The Continued Success of Biogen
Before the name change, Biogen was already seeing success due to its growing portfolio and new treatments. In January 2015, the company released data on its 2014 revenues, showing a 40 percent increase from the previous year. Biogen marked its revenue at $9.7 billion.
“2015 promises to be another exciting year,” Scangos said at the time of the announcement. “Our focus on novel biology to seek treatments for challenging diseases has shaped our pipeline and business strategy, and we expect that will continue in the future. We believe our drive to bring real value to patients, providers and payers has the potential to improve lives, benefit health-care systems and serve our shareholders as well.”
Biogen’s fourth quarter revenue increased 34 percent to $2.6 billion, compared to the third quarter of 2013. For this year, the company predicted that its revenue growth would be between 14 and 16 percent.
Biogen recently announced results from a clinical study examining BIIB037 for the treatment of Alzheimer’s disease. After confirming that its product could reduce amyloid plaque in the brain on March 20, its stock rose more than 4 percent.
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