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): December 23, 1998
Biogen, Inc.
(Exact name of Registrant as specified in its charter)
Massachusetts 0-12042 04-3002117
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
14 Cambridge Center
Cambridge, MA 02142
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (617) 679-2000
Item 5. Other Events.
On December 23, 1998, the Company publicly disseminated a press release
announcing the election of James L. Vincent as President and Chief Executive
Officer of the Company and the resignation of James R. Tobin from those
positions. The press release also announced the resignation of Mr. Tobin as a
Director of the Company.
The information contained in the press release is incorporated herein
by reference and filed as Exhibit 99.1 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 The Registrant's Press Release dated December 23, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Biogen, Inc.
By: /s/ Michael J. Astrue
Michael J. Astrue
Vice President - General Counsel
Date: December 23, 1998
EXHIBIT INDEX
Exhibit
Number Description
99.1 The Registrant's Press Release
dated December 23, 1998
Exhibit 99.1
Media Contact:
Kathryn R. Bloom
Director of Communications
Biogen, Inc.
tel: (617) 679-2851
Investment Community Contact:
Elizabeth Woo
Manager of Investor Relations
Biogen, Inc.
tel: (617) 679-2822 FOR IMMEDIATE RELEASE
BIOGEN, INC. ANNOUNCES ELECTION OF JAMES L. VINCENT AS CEO
Board Accepts Resignation of James R. Tobin
Cambridge, MA (December 23, 1998) - Biogen, Inc. (NASDAQ/BGEN) today announced
the election of James L. Vincent, currently Chairman of the Board, to the
additional posts of President and Chief Executive Officer. Mr. Vincent
previously served as President from 1985-1994 and as Chief Executive Officer
from 1985-1997.
Mr. Vincent succeeds James R. Tobin, who has been President, Chief Executive
Officer and a member of Biogen's Board of Directors. At a meeting of the Board
of Directors yesterday, Mr. Tobin resigned these posts for personal reasons,
effective immediately. In accepting his resignation, the Board expressed its
appreciation for Mr. Tobin's contributions during his five-year tenure and
wished him continued success.
Mr. Vincent said, "Jim Tobin has made an outstanding contribution to Biogen. He
is a very talented executive who played an important role in the development of
the company and the successful market introduction of AVONEX(R) (Interferon beta
1a)."
During Mr. Vincent's earlier term, he led the development and FDA approval of
AVONEX(R). Sales of AVONEX(R) have been the principal source of Biogen's
excellent revenue and profit growth since 1996.
Upon return to his prior role as CEO, Mr. Vincent said, "Biogen is in the best
financial and operational shape in its history, and I am confident of continuing
growth of AVONEX(R) sales. We will continue with the business strategies that
have evolved and been put in place over the past few years." He also expressed
his optimism for the development of the company's product pipeline.
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Page 2 Biogen Announces Election of James L. Vincent as CEO
In addition to historical information, this press release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Reference is made in particular to
forward-looking statements regarding anticipated growth of AVONEX(R) and
development of the Company's product pipeline. These statements are based on the
Company's current beliefs and expectations as to such future outcomes. The
marketing and sale of products, as well as drug development, involve a high
degree of risk. Factors which could cause actual results to differ materially
from the Company's expectations include, without limitation, the impact of
competitive products and litigation, any delay or failure in obtaining market
acceptance for AVONEX(R) in new markets, risks associated with the nature of
business, regulatory, pricing and reimbursement-related decisions world-wide,
unexpected events relating to the development of the Company's drug candidates
and other risks and uncertainties associated with drug development and
commercialization described in the Company's periodic reports filed with the
Securities and Exchange Commission.
Biogen, Inc., winner of the 1998 U.S. National Medal of Technology, is a
biopharmaceutical company principally engaged in discovering and developing
drugs for human healthcare through genetic engineering. Headquartered in
Cambridge, MA, the Company's revenues are generated from U.S. and European sales
of AVONEX(R) (Interferon beta-1a) for treatment of relapsing forms of multiple
sclerosis, and from the worldwide sales by licensees of a number of products,
including alpha interferon and hepatitis B vaccines and diagnostic products.
Biogen's research and development activities are focused on novel products for
multiple sclerosis, inflammatory, respiratory, kidney and cardiovascular
diseases and in developmental biology and gene therapy. For copies of press
releases and additional information about the Company, please consult Biogen's
Homepage on the World Wide Web at http://www.biogen.com.
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