Biogen Idec Inc., the world’s biggest maker of multiple sclerosis drugs, surged the most in 20 months on investor optimism that the company’s Tecfidera pill may gain protection from generic-drug competition in Europe.
Biogen Idec Inc.’s multiple sclerosis drug Tecfidera won designation as a “new active substance” in Europe, giving it added protection against generic copies and paving the way for approval there. The shares rose the most in more than two years.
Idenix Pharmaceuticals Inc., a maker of experimental hepatitis C therapies, fell the most in almost four months after partner Johnson & Johnson bought a rival drugmaker’s treatment for the viral disease.
Vertex Pharmaceuticals Inc., maker of the hepatitis C drug Incivek, has received interest from other companies to collaborate on tests of one of its experimental medicines for the liver disease, Chief Executive Officer Jeffrey Leiden said.
Biogen Idec Inc., the world’s biggest maker of multiple sclerosis drugs, said a European regulatory decision on its new pill will be delayed until the second half of the year after a patent on the medicine was extended.