Deutsche Bank Maintains Buy on Biogen Idec After European Medical Agency Announcement

Deutsche Bank has published a research report on Biogen Idec (NASDAQ: BIIB) after the European medical agency announced its risk/benefit review of multiple-sclerosis treatment Gilenya.

In the report, Deutsche Bank writes, "The review is due to concerns related to reports of sudden deaths post first Gilenya dose in some patients. While CHMP does the review, doctors are advised to intensify CV monitoring post first dose of Gilenya. In Dec-2011, Novartis had informed the agency about unexplained sudden death of a patient in the United States of America within 24 hours of taking Gilenya for the first time. Six other cases of unexplained death had been reported, 3 of these deaths were sudden. Moreover, other cases reporting 3 deaths due to heart attacks and 1 death due to disruption of the heart rhythm were reported."

Eleven deaths have been reported so far.

Deutsche Bank maintains its Buy rating and $129 price target on Biogen Idec, which closed yesterday at $116.78.