Top Takes From RealMoney

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Troubling News From Biogen

By Adam Feuerstein
06/29/09 7:29 a.m.

Biogen Idec(BIIB Quote) reported Friday that a 10th multiple sclerosis patient being treated with Tysabri was diagnosed with a serious brain infection.

The latest case of progressive multifocal leukoencephalopathy (PML) occurred outside the U.S. in a patient on Tysabri therapy for 30 months. Four Tysabri patients on therapy for more than 30 months have now contracted PML, including the last three reported cases.

This is raising concerns that the risk of a multiple sclerosis patient contracting PML increases with longer duration of Tysabri therapy. The overall incident rate of PML is still very small, and Biogen Idec has presented scientific data disputing the notion that PML risk increases with longer Tysabri use.

However, some doctors are beginning to cycle patients off Tysabri after two years or put patients on drug holidays. If this trend continues, Tysabri patient and revenue growth -- already stunted -- could stall further.

Biogen Idec shares Tysabri revenue with Irish drugmaker Elan(ELN Quote).

Positions: None

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Bank Failures

By Tim Melvin
06/29/09 8:29 a.m.

I see we had another five bank failures on Friday. This brings the year-to-date count to 45 failed banks in the U.S. The failures Friday were all smaller banks; the largest of the five had just $456 million in assets.