Biogen Idec Inc.'s disclosure of a debilitating brain infection in a patient taking its Tysabri multiple-sclerosis medicine sparked a selloff in shares of the biotechnology company Monday.
The disclosure, made Friday evening, marks the 13th case of the infection, called progressive multifocal leukoencephalopathy or PML, in a Tysabri patient. Three of the patients have died.
Biogen's shares dropped 5.5% to close at $47.32 on the Nasdaq Stock Market, possibly making the firm more vulnerable to a takeover by a large pharmaceutical company. Earlier this month, the company lost a proxy fight with billionaire activist investor Carl Icahn, who won two ...
Story in the Wall Street Journal