Wk chg

3/7 cls

Biogen Idec Inc. (NASDAQ:BIIB)

BMO Capital Markets

Jim Birchenough


Outperform (from market perform)



Birchenough also raised his target to $422 from $286 after his pipeline review revealed $1B-plus prospects for Alprolix RFIXFc and Eloctate rFVIIIFc and $5B-plus prospects for ISIS-SMNRx. Alprolix and Eloctate are both long-acting recombinant fusion proteins consisting of a human coagulation factor attached to the Fc domain of human IgG1. Alprolix comprises Factor IX and is under FDA review to treat hemophilia B, and Eloctate comprises Factor VIII and is under FDA review to treat hemophilia A. ISIS-SMNRx is slated to start Phase III testing this year to treat spinal muscular atrophy (SMA). Biogen has an exclusive, worldwide option to develop and commercialize the antisense oligonucleotide that modulates splicing of survival of motor neuron 2 centromeric (SMN2) mRNA from Isis Pharmaceuticals Inc. (NASDAQ:ISIS).