Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Biotechnology company Biogen says it plans to spin off its hemophilia business into a separate, publicly traded company.
Last year Biogen announced job cuts and other cost reductions to offset weak earnings.
Biogen, which is based in Cambridge, Massachusetts, said Tuesday that the new company will concentrate on the discovery and development of therapies for the treatment of hemophilia, with existing marketed products to include Eloctate and Alprolix, indicated for the treatment of hemophilia A and B, respectively. Eloctate and Alprolix had combined revenue of $640 million for the year ended March 31.
John Cox, Biogen's current executive vice president of pharmaceutical operations and technology, will serve as CEO of the new company.
The new company, which is expected to be based in the Boston area, will be named at a later date. The spinoff is expected to be completed by the end of the year or early next year.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
