Biogen Names Planned Hemophilia Spin-off BioverativBy
Bioverativ will be the name of Biogen’s stand-alone, publicly traded global biotechnology company focused on treatments for hemophilia and other blood disorders. Biogen had announced in May 2016 that it was planning to spin off its hemophilia product business. Biogen expects Bioverativ to launch as a stand-alone company in early 2017. It will focus on the discovery, research, development,and commercialization of treatments for hemophilia and other blood disorders. Following completion of the spin-off, Bioverativ plans to trade under the symbol BIVV on the NASDAQ Stock Market.
Bioverativ will continue commercialization of Eloctate and Alprolix, indicated for the treatment of hemophilia A and B, respectively, under Biogen’s existing collaboration agreement with Swedish Orphan Biovitrum AB (Sobi). After the spin-off, Bioverativ expects to continue development of Eloctate and Alprolix, including conducting studies to explore the potential benefits of Fc fusion technology on long-term joint health, immunogenicity, and immune-tolerance induction in hemophilia patients who develop inhibitors.
Bioverativ will also focus on advancing pipeline programs that address areas of unmet need in hemophilia and other blood disorders, including programs studying longer-acting factor therapies that utilize XTEN technology, a non-factor bi-specific antibody program to treat patients with hemophilia A and patients with inhibitors, and gene therapy programs for hemophilia A and B, as well as ongoing research relating to sickle-cell disease.
The spin-off is planned to be completed in early 2017, subject to the satisfaction of certain conditions, including, among others, final approval of Biogen's board of directors, receipt of a favorable opinion with respect to the tax-free nature of the transaction, and the effectiveness of a Form 10 registration statement that is filed with the US Securities and Exchange Commission (SEC). The initial Form 10 registration for Bioverativ is expected to be filed with the SEC shortly.