June 24, 2003 9:13 AM

Biogen merges with Idec
Posted by Jason Butlerat 9:13 AM

Big news in the local biotech market: Biogen is merging with Idec in a stock-swap valued at $6,440,000,000.

The new company, to be called Biogen Idec, would be based in Cambridge, rather than Idec's headquarters in San Diego. Biogen's chairman and chief executive, James C. Mullen, would be CEO of the combined company. Idec's current chairman and CEO, William H. Rastetter, would become chairman. Each company would have six members of the new board of directors.

Now may be the time to buy that condo in Kendall Square.
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