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Biotech Biogen Idec (the Idec is the San Diego part of the company), which put itself up for sale two months ago, announced after today's close (December 12) that it couldn't find a buyer. The stock plunged 28 percent to $54.50 in after-market trading. The shopping of Biogen Idec failed to unearth "definitive offers to purchase the company," said the biotech, which is based in Massachusetts. The company had disappointing third quarter results; the stock peaked at $84.75 in October.
Biotech Biogen Idec (the Idec is the San Diego part of the company), which put itself up for sale two months ago, announced after today's close (December 12) that it couldn't find a buyer. The stock plunged 28 percent to $54.50 in after-market trading. The shopping of Biogen Idec failed to unearth "definitive offers to purchase the company," said the biotech, which is based in Massachusetts. The company had disappointing third quarter results; the stock peaked at $84.75 in October.