BIIB Biogen Inc

   By Brittney Laryea 
 

Biogen Inc. said it plans to use the name "Bioverativ" for the spinoff of its hemophilia business, expected in 2017.

The new company will trade on the Nasdaq Stock Market under the symbol BIVV, Biogen said Tuesday.

As the company announced in May, Biogen plans to spin off its hemophilia drug business so that it can narrow its focus to medicines for neurological disorders. According to Biogen, Bioverativ will focus on the research, development and marketing of treatments for hemophilia and other blood disorders.

Biogen's current hemophilia drugs, Eloctate and Alprolix, had $387.7 million in combined sales through the first six months of 2016, representing nearly 7% of Biogen's total revenue of $5.62 billion. The drugs help control or prevent bleeding associated with hemophilia, a disease that prevents blood from clotting normally.

Biogen said it would release the new company's logo at a later date.

Earlier this month, The Wall Street Journal reported that Biogen had drawn takeover interest from other drug companies, including Merck & Co. and Allergan PLC. The move reflects a trend among large pharmaceutical companies to find new sources of growth.

Biogen shares rose 0.3% to $314.67. The stock is up 16% over the past three months and 25% over the past year.

Write to Brittney Laryea at Brittney.Laryea@wsj.com

(END) Dow Jones Newswires

August 09, 2016 12:08 ET (16:08 GMT)

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