Filed by IDEC Pharmaceuticals Corporation
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: IDEC Pharmaceuticals Corporation
Commission File No. 0-19311

 

 

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BIOGEN IDEC INC.

 

Strategic Acceleration
“Creating the Next Global Biotech Leader”

 



 

A True Merger of Equals

 

New Biotechnology Industry Leader

 

Biogen

 

IDEC

 

 

 

Pioneer in Immunology, Neurobiology

 

Leader in Oncology

 

 

 

Developing in oncology

 

Growing focus in autoimmune diseases

 

 

 

Blockbuster drug: AVONEX
(#1 MS product globally, $1.1
billion in 2002)

 

Blockbuster drug: Rituxan
(#1 cancer therapeutic in US,
$1.48 billion in 2002)

 

 

 

New product: AMEVIVE

 

New product: Zevalin

 



 

Biogenand IDEC: Facts and Figures

 

Biogen

 

 

 

   Headquarters:

 

Cambridge, MA

 

 

 

   Employees:

 

2,700

 

 

 

   2002 revenue:

 

$1,148MM

 

 

 

   2002 earnings:

 

$199MM

 

 

 

   Net cash(1):

 

$771MM

 

 

 

   Market cap(2):

 

$6,660MM

 

 

 

IDEC

 

 

 

   Headquarters:

 

San Diego, CA

 

 

 

   Employees:

 

1,000

 

 

 

   2002 revenue:

 

$404MM

 

 

 

   2002 earnings:

 

$148MM

 

 

 

   Net cash(1):

 

$756MM

 

 

 

   Market cap(2):

 

$6,334MM

 

 

 

 


(1)  Cash balance as of 31-Mar-2003. IDEC’ debt balance as of 31-Mar-2003 excludes in-the-money convertible notes.

(2)  Fully diluted market capitalization as of 29-May-2003. Dilutive impact of options calculated using the treasury method. Includes conversion of IDEC in-the-money convertible debt and convertible preferred stock.

 



 

Diversification of Revenue

 

[GRAPHIC]

 

  Avonex: At $1BN, providing critical mass in revenue

 

  Rituxan:  New indications driving significant growth into the future

 

  Zevalin: 1 year post launch, moving earlier in the treatment paradigm – potential to displace chemotherapy

 

  Amevive:  A compelling new biologic to treat psoriasis, launched in February

 

  Antegren:  Powerful addition to the immunology franchise by 2005

 



 

Leverage Improved by Combining Pipelines

 

Autoimmune, Inflammation and Other

 

[CHART]

 

Oncology

 

[CHART]

 



 

Combined R&D: Powerhouse for Discovery

 

LTM R&D(1) as of 31-Mar-2003

 

[CHART]


(1)  Source:  Public filings.

 



 

The Next Global Biotech Leader

 

[CHART]

 



 

Deep, Experienced Executive Team

 

Officer

 

Title

 

Years
Experience at
BIOGEN IDEC

 

Total Years
Experience

 

Background

 

 

 

 

 

 

 

 

 

William H. Rastetter

 

Executive Chairman

 

16

 

21

 

IDEC: CEO; CFO; R&D, Operations, Finance
Genentech: Research, Corporate Ventures

 

 

 

 

 

 

 

 

 

James C. Mullen

 

Chief Executive Officer

 

14

 

23

 

Biogen: CEO; COO; International
SmithKline Beckman: Engineering and Manufacturing

 

 

 

 

 

 

 

 

 

William R. Rohn

 

Chief Operating Officer

 

10

 

38

 

IDEC: Commercial, Corporate Development
Adria (Pharmacia), Abbott, Mead Johnson: S&M

 

 

 

 

 

 

 

 

 

Peter N. Kellogg

 

Chief Financial Officer

 

3

 

23

 

Biogen: CFO
PepsiCo: Finance, International

 

 

 

 

 

 

 

 

 

Nabil Hanna

 

Chief Scientific Officer

 

14

 

30

 

IDEC: Research and Preclinical Development
SmithKline Beecham: Immunology; NCI: Research

 

 

 

 

 

 

 

 

 

Burt A. Adelman

 

Chief Development Officer

 

12

 

23

 

Biogen: EVP, R&D; VP, Medical Research
Harvard Medical School: Oncologist, Lecturer

 



 

Our Organizational Structure

 

[CHART]

 



 

Cultures of Common Values

 

                  Our cultural hallmarks are and will continue to be:

                  Pride in innovation and discovery

                  Accountability

     Teamwork

                  Decision-making speed

                  Honesty and candor

                  Execution

                  Meritocracy

                  An appreciation that strength and competitiveness are gained and maintained through continual growth, transformation and renewal of the corporation and its employees.

 



 

What This Merger Means

 

                   Opportunity

                  Bigger company

                  More diversification

                  Greater financial strength

 

                   New Challenges

                  Contribute to the merger’s success

                  Build something new

 



 

What You Can Expect

 

     You should expect that the Company will:

                  Assign our best people to make critical decisions about the new company

                  Inform employees and departments as quickly as possible

                  Be direct and honest along the way

                  Provide competitive rewards

 

                  In return, the company needs us to be:

                  Patient: It will take time to do a thorough job

                  Supportive: We will need the cooperation of many people to make this successful

                  Prepared for change: Combining companies is difficult and will result in many changes, some may be uncomfortable, many will be exhilarating

                  Focused on your goals: Only a few months until closing. There’s a lot of work to do and challenging objectives to meet.

 



 

Schedule of Events

 

[CHART]

 



 

Additional Information and Where to Find It

IDEC Pharmaceuticals Corporation intends to file with the Securities and Exchange Commission a registration statement on Form S-4 that will include a joint proxy statement/prospectus of Biogen, Inc. and IDEC and other relevant documents in connection with the proposed transaction. Investors and security holders of Biogen and IDEC are urged to read the joint proxy statement/prospectus and other relevant materials when they become available because they will contain important information about IDEC, Biogen and the proposed transaction. Investors and security holders may obtain a free copy of these materials (when they are available) and other documents filed with the Securities and Exchange Commission at the SEC’s website at www.sec.gov.  A free copy of the joint proxy statement/prospectus when it becomes available may also be obtained from IDEC Pharmaceuticals Corporation, 3030 Callan Road, San Diego, CA 92121, Investor Relations, or from Biogen, Inc., Fourteen Cambridge Center, Cambridge, MA 02142, Investor Relations.  In addition, investors and security holders may access copies of the documents filed with the SEC by IDEC on IDEC’s website at www.idecpharm.com and investors and security holders may access copies of the documents filed with the SEC by Biogen on Biogen’s website at www.biogen.com.  IDEC, Biogen and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from their respective stockholders with respect to the proposed transaction. Information regarding the interests of these officers and directors in the proposed transaction will be included in the joint proxy statement/prospectus.