Biogen-Idec Wins FDA Approval for MS Drug

Biogen-Idec of Cambridge, Mass., won Food and Drug Administration approval for its multiple sclerosis drug Tysabri, formerly called Antegren. Analysts believe the intravenous drug could one day become a $1-billion product.

The drug will be produced in Oceanside, Calif., creating 800 jobs. Biogen-Idec and Elan Corp. of Dublin, Ireland, will co-market it.

The announcement came after stock markets closed. Biogen-Idec closed at $57.43, down 29 cents, on Nasdaq, but rose to $59.60 in after-hours trading.

Denise Gellene