Merrill puts BioGen at neutral

BioGen IDEC Inc. was given a neutral rating by Merrill Lynch analyst Eric Ende. Merrill believes an FDA panel will recommend re-introduction of Tysabri to the U.S. market during the March 7-8 meeting. The analyst expects the drug to re-enter the market as a monotherapy for MS and to be used in patients that have failed prior treatments and projects 2010 sales of $750 million. And, as expected, the FDA approved Rituxan use in rheumatoid arthritis in combination with methotrexate for patients failing antitumor necrosis factor therapy. Merrill estimates a market opportunity for Rituxan with sales reaching $1 billion by 2010. Shares of the Cambridge, Mass., biotechnology company were down 30 cents, or 0.63%, at $46.95 on volume of 8,,888,937 shares versus the three-month running average of 3,142,960 shares. (Nasdaq: BIIB)

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