Biogen gets backing for psoriasis drug Amevive

Biogen was given an enormous boost on May 23 when a US Food and DrugAdministration advisory panel gave its backing to the biotechnology firm's Amevive (alefacept) for psoriasis. The company badly needs approval of the new drug as it copes with competition for its best-selling multiple sclerosis treatment Avonex (interferon beta-1a). Biogen has estimated that Amevive could achieve sales in excess of $500 million a year.

The advisors voted by eight to two in favor of approval, despite concerns that Amevive may lead to declines in white cell counts and impaired immunity, as well as debate over one patient on the drug who developed a lymphoma. More details from the meeting will be released in a future edition of the Marketletter.