UPDATE 1-Biogen buys license to late-stage nerve disease pill

* Enters equity and license deal of about $345 mln

* Sees starting late-stage study in H1 2011

* Says co will lead development, commercialization

Aug 18 (BestGrowthStock) – Biogen Idec (BIIB.O: ) signed an equity
and licensing deal of about $345 million with Knopp
Neurosciences, gaining access to the private firm’s
experimental treatment for a neurologic condition.

Biogen will invest about $60 million in the Pittsburgh,
Pennsylvania-based private firm and give $20 million upfront
payment.

The drug, KNS-760704, has completed two mid-stage studies
in which it displayed a dose-dependent trend and survival
benefit in patients suffering from Lou Gehrig’s disease or
amyotrophic lateral sclerosis (ALS). ALS is a condition which
causes gradual degeneration of the nerves, muscle weakness and
wasting. Biogen, which expects to start the late-stage study in
the first half of 2011, will lead development and
commercialization efforts in global markets for the drug.
Shares of Weston, Massachusetts-based Biogen, which have risen
about 8 percent in the last month, closed at $56.91 Tuesday on
Nasdaq.
(Reporting by Vidya L Nathan in Bangalore; Editing by Don
Sebastian)

UPDATE 1-Biogen buys license to late-stage nerve disease pill