Biogen Idec slides on analyst downgrade
Biogen Idec Inc. (NASDAQ:BIIB) fell $16.46 to $206.57 on Wednesday after a Citi analyst downgraded his rating of the company to neutral from buy on the belief that EMA is "unlikely" to grant regulatory data protection to Biogen Idec's multiple sclerosis drug Tecfidera dimethyl fumarate ( BG-12). Citi's Yaron Werber, who said his conclusion is based on discussions with regulatory experts in Europe, said the lack of data protection for Tecfidera could lead to generic challenges that could pressure Tecfidera's pricing and market share in Europe. Biogen Idec's Wednesday move translates to a $3.9 billion loss in market cap for a closing valuation of $49 billion. Werber said he does expect Tecfidera to "substantially exceed estimates" in the U.S. in 2013; Biogen Idec launched the drug in April. ...