Mulling over Biogen Idec's Future

One of Biogen Idec Inc.'s core dilemmas over the years, and one it has never resolved, is what it wanted to be after it grew up: a commercially driven enterprise or an R&D-driven company. With its CEO retiring, its head of R&D newly retired, and activist shareholder pressure likely to continue, making a definitive decision now has become imperative, but hardly easy.

Last week, James Mullen announced he would retire as president and CEO on June 8. Cecil Pickett retired as president of R&D last October...