Be­lea­guered Bio­gen faces the mu­sic as a ris­ing cho­rus of crit­ics push for a trans­for­ma­tive ap­proach to M&A

Cred­it Su­isse has de­cid­ed to start of­fer­ing Bio­gen cri­sis analy­sis, and it’s adding an in­flu­en­tial voice back­ing some ma­jor changes at the bell­wether biotech.

“Noth­ing will come of noth­ing,” its an­a­lysts head­lined in their first re­view of the com­pa­ny, point­ing straight at the dis­as­trous Phase III fail­ure of ad­u­canum­ab that has se­vere­ly dam­aged Bio­gen’s mar­ket val­u­a­tion. 

This lat­est as­sess­ment of Bio­gen’s sit­u­a­tion — com­ing out with an un­der­per­form rat­ing and a pre­dic­tion of a fur­ther fall in its stock price — is bleak. The re­view al­so un­der­scores the ris­ing cho­rus of crit­i­cism that has been shov­ing Bio­gen CEO Michel Vounatsos to the bar­gain­ing ta­ble — par­tic­u­lar­ly af­ter the top ex­ec re­ceived a drub­bing in the re­views for his re­cent Q1 up­date.

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