Biogen enters new MS collaboration, buying rights to a potential competitor
US biotech major Biogen (Nasdaq: BIIB) has entered into a global license and collaboration agreement with Ireland-incorporated biotech firm Alkermes (Nasdaq: ALKS) to develop and commercialize ALKS 8700, a novel, oral, monomethyl fumarate (MMF) small drug molecule in Phase III development for the treatment of relapsing forms of multiple sclerosis (MS).
Alkermes’ shares gained as much as 5.8% in pre-market trading, but levelled off, while Biogen was up 1%, both on light volume.
Alkermes’ compound has been seen as a potential threat to Biogen’s top-selling MS drug Tecfidera (dimethyl fumarate), which had sales of $845 million in the third quarter of this year.
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