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Wall Street was giddy Wednesday as word spread that Protein Design Labs (PDLI Quote) signed a pact with Biogen Idec (BIIB Quote) to develop, manufacture and commercialize three new drugs.
The agreement covers daclizumab in multiple sclerosis, as well as indications other than transplant and respiratory diseases, along with M200, or volociximab, and HuZAF, or fontolizumab, in all indications.
"We believe this deal adds great value to PDL," Prudential Equity Group's Jason Zhang wrote in a research note. "PDL found an ideal company, Biogen Idec, to partner on daclizumab for MS. Biogen Idec has deep knowledge of MS from its success with Avonex and its ongoing struggle with Tysabri." ...
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