Biogen Idec Announces Conclusion of Arbitration with Genentech.CAMBRIDGE, Mass. -- Biogen Idec (Nasdaq: BIIB BIIB Basic Imagery Interpretation Brief ) today announced that an arbitration panel arbitration panel A group of individuals charged with resolving a dispute between individuals and/or organizations. Arbitration panels to resolve investment disputes are sponsored by self-regulatory organizations such as NASD. has issued its decision concerning the Company's collaboration agreement with Genentech, Inc., reaffirming Biogen Idec's contractual right to fully participate in strategic decisions regarding the development of RITUXAN([R]) (rituximab) and other anti-CD20 antibodies subject to the collaboration. Specifically, the arbitration panel ruled that a Joint Development Committee (JDC JDC Joint Distribution Committee JDC Java Developer Connection (Sun Microsystems) JDC John Deere Credit JDC Jubilee Debt Campaign (UK) JDC Juvenile Detention Center JDC Judicial District Court ) comprised of three members from each company must unanimously approve a development plan for each specific indication. Based on that finding, the panel also ruled that, absent unanimous approval of the JDC, Genentech may not proceed with further development of 2H7v16 in neuromyelitis optica neuromyelitis op·ti·ca n. A demyelinating disorder associated with transverse myelopathy and optic neuritis. Also called Devic's disease. , 2H7v16 in relapsing-remitting multiple sclerosis (RRMS RRMS Relapsing/Remitting Multiple Sclerosis RRMS Rosemont Ridge Middle School (West Linn, Oregon) RRMS Rocky Run Middle School (Virginia) RRMS Recoverable Resource Management Services ), or 2H7v114 for oncology. Genentech may continue clinical trials for 2H7 in rheumatoid arthritis and lupus. "We are pleased the arbitration panel upheld our reading of the contract and affirmed our joint decision-making rights," said James C. Mullen, Biogen Idec's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Our partnership with Genentech has been extraordinarily successful, and we look forward to continuing to work with them to help patients in a wide range of diseases." The arbitration panel rejected Genentech's assertion that the November 2003 merger of IDEC Pharmaceuticals Corp. and Biogen Inc. constituted a change of control. Biogen Idec co-promotes RITUXAN, a treatment for certain B-cell non-Hodgkin's lymphomas and rheumatoid arthritis, with Genentech in the United States. Biogen Idec entered into the collaboration with Genentech in March 1995. Biogen Idec filed its Demand for Arbitration in June 2006. About Biogen Idec Biogen Idec creates new standards of care Standards of care are medical or psychological treatment guidelines, and can be general or specific. They specify appropriate treatment protocols based on scientific evidence, and collaboration between medical and/or psychological professionals involved in the treatment of a given in therapeutic areas with high unmet medical needs. Founded in 1978, Biogen Idec is a global leader in the discovery, development, manufacturing, and commercialization of innovative therapies. Patients in more than 90 countries benefit from Biogen Idec's significant products that address diseases such as lymphoma, multiple sclerosis and rheumatoid arthritis. For product labeling, press releases and additional information about the company, please visit www.biogenidec.com. |
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