Biogen confirms securities law probe

BIOGEN IDEC INC yesterday said US securities regulators are formally probing whether there were any violations of securities laws related to suspension of its multiple sclerosis drug Tysabri.

Biogen, which sold Tysabri in partnership with Irish drugmaker Elan Corp, said it received the formal order of investigation on April 21.

Biogen, which recently withdrew the drug after several patients developed a rare but potentially fatal brain infection, said it was cooperating with the investigation, which is being led by the Boston District Office of the Securities and Exchange Commission (SEC).