Biogen Idec takes full control of Dompe JVs

US biotech firm Biogen Idec (Nasdaq: BIIB) says it will acquire 100% of Milan, Italy-headquartered Dompe Farmaceutici SpA’s shares in their joint ventures in both Italy and Switzerland, as part of the partners broader strategy to focus on each company's respective core business.

Under the terms of the agreement, the joint ventures will become 100%-owned affiliates of Biogen Idec, giving the company a direct commercial presence in 29 countries. The new affiliate offices will be renamed Biogen Idec Italia and Biogen Idec Switzerland. In addition, the parties have agreed to the assignment of certain outstanding credits held by the Italian joint venture. Further financial terms were not disclosed.

"This partnership delivered significant results, enabling Biogen Idec to solidify our position as a leader in multiple sclerosis research, development and care in both Italy and Switzerland," said Francesco Granata, executive vice president of global commercial operations, Biogen Idec, adding: "To maintain this leadership position in an increasingly complex industry, we must have greater focus on our operational efficiencies and the use of our resources. Bringing the joint ventures in Italy and Switzerland into the Biogen Idec affiliate network will be crucial in helping us achieve this."