S&P: Biogen on watch positive

Standard & Poor's said it placed its BB+ corporate credit and senior unsecured debt ratings on Biogen Idec Inc. on CreditWatch positive following the U.S. Food and Drug Administration's approval of the company's new multiple sclerosis treatment.

The drug, until now known as Antegren, has been renamed Tysabri. The drug was co-developed with Elan Corp. plc. It is the first monoclonal antibody designed to treat multiple sclerosis and it appears to have a better effectiveness/side effect profile than current leading treatments.

S&P said Tysabri provides Biogen Idec with a major growth opportunity, as it would likely further expand the company's position in the market.

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