Biogen Enhances Pipeline with Late-Stage Autoimmune Drug

Biogen (NASDAQ:BIIB) enhanced its pipeline with a deal with Mitsubishi Tanabe Pharma Corp. (TYO:4508). The deal offers $60 million up front and the promise of $484 million in milestones to develop MT-1303, an oral S1P receptor drug for multiple sclerosis.
According to an article on Fierce Biotech:

The Big Biotech–which gained ex-Asia rights in the deal–also plans to evaluate its potential for inflammatory bowel disease, sizing up its value as a remedy for ulcerative colitis while it considers launching a late-stage study for Crohn’s disease.
Mitsubishi is also likely to stay closely connected to Biogen as it hashes out its game plan for this treatment. The Japanese company can stay involved in Biogen’s clinical program and has co-promotion rights to the drug in the U.S. for those IBD indications.
Two months ago Biogen had to rewrite the company’s game plan after a setback for its closely-watched Alzheimer’s drug as well as a nasty miss on projected revenue for its Tecfidera MS franchise. In July Biogen CEO George Scangos promised analysts that the company would get aggressive in the dealmaking phase, bagging more products for a pipeline that has little in the way of near-term catalysts to whet investors appetite for its stock.

Click here to read the full article on Fierce Biotech.
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