Biogen shares fall 28% after it fails to find buyer

Shares of Biogen Idec Inc. tumbled nearly 28% in Thursday morning trading after the biotechnology giant said a search for potential buyers failed to turn up suitors.

Biogen's board of directors said late Wednesday that it will continue to be an independent company after it did not receive "any definitive offers to purchase the company."

Shares were down more than $20 at $55.10 in morning dealings.
The Cambridge, Mass.-based drugmaker said in October that it planned to solicit potential bidders as part of a strategic review intended to "maximize shareholder value."

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- Posted: 2007-12-13 10:38:09

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