CAMBRIDGE, Mass.--(BUSINESS WIRE)--Biogen (NASDAQ: BIIB) today announced that Bioverativ will be the name of the standalone, publicly-traded global biotechnology company that it expects to launch in early 2017. Bioverativ will be focused on the discovery, research, development and commercialization of treatments for hemophilia and other blood disorders. Following completion of the spin-off, Bioverativ plans to trade under the symbol BIVV on the NASDAQ Stock Market.
“As an independent and focused company, we believe that Bioverativ will be uniquely positioned to drive progress and advance the standard of care for people living with hemophilia,” said John G. Cox, Chief Executive Officer of Bioverativ, and Biogen’s former Executive Vice President, Pharmaceutical Operations & Technology. “Working closely with the hemophilia community, we hope to transform lives by accelerating innovation for people and caregivers living with hemophilia.”
“The new company’s name creates a clear connection to our Biogen heritage and biotech focus. It also conveys our commitment to actively working with patients, caregivers, health care professionals and advocacy leaders to create progress where patients need it most,” Mr. Cox continued.
Bioverativ will continue commercialization of ELOCTATE® and ALPROLIX®, indicated for the treatment of hemophilia A and B, respectively, under Biogen's existing collaboration agreement with Swedish Orphan Biovitrum AB (publ)(Sobi). After the spin-off, Bioverativ expects to continue development of ELOCTATE and ALPROLIX, including conducting studies to explore the potential benefits of Fc fusion technology on long-term joint health, immunogenicity and immune tolerance induction in hemophilia patients who develop inhibitors.
Bioverativ will also focus on advancing pipeline programs that address areas of unmet need in hemophilia and other blood disorders, including programs studying longer-acting factor therapies that utilize XTEN technology, a non-factor bi-specific antibody program to treat patients with hemophilia A and patients with inhibitors, and gene therapy programs for hemophilia A and B, as well as ongoing research relating to sickle cell disease.
Biogen announced its intent to spin-off its hemophilia business in May 2016. The spin-off is planned to be completed in early 2017, subject to the satisfaction of certain conditions, including, among others, final approval of Biogen’s board of directors, receipt of a favorable opinion with respect to the tax-free nature of the transaction, and the effectiveness of a Form 10 registration statement that is filed with the U.S. Securities and Exchange Commission (SEC). The initial Form 10 registration for Bioverativ is expected to be filed with the SEC later this week. The Bioverativ logo and visual identity will be unveiled at a later date.
About Biogen
Through cutting-edge science and medicine,
Biogen discovers, develops and delivers worldwide innovative therapies
for people living with serious neurological, autoimmune and rare
diseases. Founded in 1978, Biogen is one of the world’s oldest
independent biotechnology companies and patients worldwide benefit from
its leading multiple sclerosis and innovative hemophilia therapies. For
more information, please visit www.biogen.com.
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Safe Harbor
This press release contains forward-looking
statements, including, without limitation, statements relating to the
proposed spin-off of Biogen’s hemophilia business, such as the
completion and timing of the proposed spin-off and the anticipated
benefits and business operations of Bioverativ following completion of
the proposed spin-off, and plans with respect to anticipated filings of
Bioverativ with the SEC. These forward-looking statements may be
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