Biogen accused of insider dealing

A class action lawsuit has been taken in the United States against directors of Biogen Idec alleging insider dealing in the shares.

Biogen and Elan announced they were withdrawing their multiple sclerosis drug Tysabri from the market last Monday, resulting in a huge crash in their respective share prices which fell 42% and by 70% on the day.

In the weeks leading up to the shock announcement, board members and executives made millions selling Biogen shares.