UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): June 23, 2011
Biogen Idec Inc.
(Exact name of registrant as specified in its charter)
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Delaware
(State or other jurisdiction
of incorporation)
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0-19311
(Commission
file number)
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33-0112644
(IRS Employer
Identification No.) |
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133 Boston Post Road, Weston, Massachusetts
(Address of principal executive offices)
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02493
(Zip Code) |
Registrant’s telephone number, including area code (781) 464-2000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
TABLE OF CONTENTS
Item 8.01 Other Events.
We expect that our share
of RITUXAN® (rituximab) revenues from unconsolidated
joint business will be reduced by approximately $50 million during the second quarter of 2011 as a result of an accrual
for estimated compensatory damages (including interest) relating to an intermediate decision by the arbitrator
in Genentech, Inc.’s ongoing arbitration with Hoechst GmbH. Although we are not a party to the arbitration, we expect that certain damages that may be awarded to
Hoechst will be a cost charged to our collaboration with Genentech. We
expect the impact in subsequent quarters will be limited to
adjustments necessary to reflect the difference between
our estimate and the damages attributable to our collaboration or a
successful challenge by Genentech of the arbitrator’s decision.
As previously
disclosed,
Genentech and Hoechst have been arbitrating Hoechst’s claims under a license agreement between
Hoechst’s predecessor and Genentech that was terminated in
October 2008. The license agreement provided for royalty payments
of 0.5% on net sales of certain products defined by the agreement. The arbitrator’s intermediate decision
indicates that RITUXAN is such a product and orders Genentech to provide certain RITUXAN sales information for
the period from December 15, 1998 to October 27, 2008. The arbitrator
will use this information to ascertain the amount of damages to be
awarded to Hoechst.