<PAGE> 1
FORM 10-K/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number: 0-12042
BIOGEN, INC.
(Exact name of Registrant as specified in its charter)
Massachusetts 04-3002117
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
14 Cambridge Center, Cambridge,
Massachusetts 02142 (Address of principal
executive offices)(zip code)
Registrant's telephone number, including area code: (617) 679-2000
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $.01 par value
(Title of class)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
Aggregate market value of Common Stock held by nonaffiliates of the
Registrant at February 18, 1998: $3,132,883,164 (excludes shares held by
directors). Exclusion of shares held by any person should not be construed to
indicate that such person possesses the power, direct or indirect, to direct or
cause the direction of management or policies of the Registrant, or that such
person is controlled by or under common control with the Registrant. Common
Stock outstanding at February 18, 1998: 73,822,242 shares.
<PAGE> 2
PART IV
- -------
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(3) Exhibits
Exhibit No. Description
- ----------- -----------
(23) Consent of Price Waterhouse LLP
(99.1) Financial Statements for Biogen Savings Plan
<PAGE> 3
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
BIOGEN, INC.
By: /s/ Michael J. Astrue
------------------------------
Michael J. Astrue
Vice President - General Counsel
Dated June 30, 1998
<PAGE> 4
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
(23) Consent of Price Waterhouse LLP
(99.1) Financial Statements for Biogen Savings Plan
<PAGE> 1
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 of Biogen Savings Plan of our report dated May 28, 1998
relating to the financial statements of the Biogen Savings Plan for the year
ended December 31, 1997 included with this Form 10-K/A.
PRICE WATERHOUSE LLP
Boston, Massachusetts
June 30, 1998
<PAGE> 1
BIOGEN, INC.
BIOGEN SAVINGS PLAN
FINANCIAL STATEMENTS AND
SUPPLEMENTAL SCHEDULES
DECEMBER 31, 1997 AND 1996
<PAGE> 2
BIOGEN, INC.
BIOGEN SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
- --------------------------------------------------------------------------------
PAGE
Report of Independent Accountants 1-2
Statement of Assets Available for Plan Benefits as 3
of December 31, 1997 and 1996
Statements of Changes in Assets Available for Plan 4-5
Benefits (with Fund Information) for the Year Ended
December 31, 1997
Notes to Financial Statements 6-9
Supplemental Schedules*:
Supplemental Schedule I
Assets Held for Investment as of December 31, 1997 10
Supplemental Schedule II
Transactions Involving Amounts in Excess of 5% 11
of the Current Value of Plan Assets for the Year
Ended December 31, 1997
* Other schedules have been omitted because such schedules are not applicable.
<PAGE> 3
REPORT OF INDEPENDENT ACCOUNTANTS
May 28, 1998
To the Participants and Administrator
of the Biogen Savings Plan
We have audited the accompanying statement of assets available for benefits of
the Biogen Savings Plan (the "Plan") as of December 31, 1997 and 1996 and the
related statement of changes in assets available for benefits for the year ended
December 31, 1997. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our report dated July 30, 1997, we were unable to, and did not, express an
opinion on the 1996 financial statements because, at the instruction of the plan
administrator, we did not perform any auditing procedures with respect to the
information summarized in Note 4 in those financial statements. In conjunction
with our audit of the 1997 financial statements, the plan administrator
instructed us to perform, and we did perform, an audit of the 1996 financial
statements in accordance with generally accepted auditing standards.
Accordingly, we are now able to express an opinion on the 1996 financial
statements.
In our opinion, the financial statements referred to in the first paragraph of
this report present fairly, in all material respects, the assets available for
benefits of the Plan as of December 31, 1997 and 1996, and the changes in assets
available for benefits for the year ended December 31, 1997 in conformity with
generally accepted accounting principles.
<PAGE> 4
To the Participants and Administrator
of the Biogen Savings Plan
Page 2
May 28, 1998
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for purposes of additional analysis and is not a
required part of the basic financial statements but is additional information
required by ERISA. The Fund Information in the statement of changes in assets
available for benefits is presented for purposes of additional analysis rather
than to present the changes in assets available for benefits of each fund.
Schedules I and II and the Fund Information have been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Price Waterhouse LLP
<PAGE> 5
BIOGEN, INC.
BIOGEN SAVINGS PLAN
STATEMENT OF ASSETS AVAILABLE FOR PLAN BENEFITS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DECEMBER 31,
1997 1996
<S> <C> <C>
ASSETS
Investments at fair value:
Mutual funds:
Fidelity Intermediate Bond Fund $ 1,184,786 $ 1,105,700
Fidelity Puritan Fund 4,591,063 3,309,133
Fidelity Value Fund 774,097 83,349
Fidelity Magellan Fund 6,867,334 5,329,214
Fidelity Retirement Government Money Market Fund 1,525,381 1,244,690
Fidelity Growth Company Fund 5,751,258 4,642,871
Fidelity International Growth Income Fund 455,993 432,688
Fidelity Asset Manager Fund 663,018 356,645
Fidelity US Equity Index Fund 1,679,043 729,995
Fidelity US Bond Index Fund 197,146 39,852
Fidelity Low Priced Stock Fund 111,518 -
USAA International Fund 20,983 -
Janus Worldwide Fund 170,532 -
----------- -----------
Total mutual funds 23,992,152 17,274,137
----------- -----------
Biogen, Inc. common stock 3,486,508 3,528,552
Interest bearing cash 77,153 -
----------- -----------
Total Biogen, Inc. stock fund 3,563,661 3,528,552
Loans to participants 707,329 474,929
----------- -----------
Total investments 28,263,142 21,277,618
----------- -----------
Assets available for plan benefits $28,263,142 $21,277,618
=========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE> 6
BIOGEN, INC.
BIOGEN SAVINGS PLAN
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND
INFORMATION)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31, 1997
PARTICIPANT DIRECTED
--------------------------------------------------------------------------------------
FIDELITY
RETIREMENT FIDELITY
FIDELITY FIDELITY FIDELITY FIDELITY GOVERNMENT GROWTH
INTERMEDIATE PURITAN VALUE MAGELLAN MONEY MARKET COMPANY
BOND FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Contributions:
Employee $ 136,470 $ 636,147 $108,506 $ 854,609 $ 116,702 $ 956,584
Rollover 89,268 134,265 94,989 179,750 150,629 142,438
Employer - - - - - -
---------- ---------- -------- ---------- ---------- ----------
Total contributions 225,738 770,412 203,495 1,034,359 267,331 1,099,022
Net appreciation (depreciation)
of investments:
Mutual funds 9,109 428,934 (16,488) 995,802 - 338,019
Biogen, Inc. common stock - - - - - -
Interest and dividend income 67,233 357,612 101,824 441,449 75,119 544,275
Other loan repayment 10,654 79,695 332 114,767 8,271 77,331
---------- ---------- -------- ---------- ---------- ----------
Total additions 312,734 1,636,653 289,163 2,586,377 350,721 2,058,647
DEDUCTIONS
Distributions to participants (111,084) (258,837) (13,422) (512,085) (74,065) (339,838)
---------- ---------- -------- ---------- ---------- ----------
Net increase (decrease) prior to
interfund transfers and loans 201,650 1,377,816 275,741 2,074,292 276,656 1,718,809
Interfund transfers and loans (122,564) (95,886) 415,007 (536,172) 4,035 (610,422)
---------- ---------- -------- ---------- ---------- ----------
Net increase (decrease) 79,086 1,281,930 690,748 1,538,120 280,691 1,108,387
Assets available for plan
benefits, beginning of year 1,105,700 3,309,133 83,349 5,329,214 1,244,690 4,642,871
---------- ---------- -------- ---------- ---------- ----------
Assets available for plan
benefits, end of year $1,184,786 $4,591,063 $774,097 $6,867,334 $1,525,381 $5,751,258
========== ========== ======== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31, 1997
PARTICIPANT DIRECTED
---------------------------------------------
FIDELITY FIDELITY FIDELITY
INTERNATIONAL ASSET U.S. EQUITY
GROWTH MANAGER INDEX
INCOME FUND FUND FUND
<S> <C> <C> <C>
ADDITIONS
Contributions:
Employee $176,161 $130,312 $ 276,459
Rollover 71,025 57,876 86,356
Employer - - -
-------- -------- ----------
Total contributions 247,186 188,188 362,815
Net appreciation (depreciation)
of investments:
Mutual funds 2,593 51,161 317,955
Biogen, Inc. common stock - - -
Interest and dividend income 28,757 67,843 33,173
Other loan repayment 4,852 6,162 3,228
-------- -------- ----------
Total additions 283,388 313,354 717,171
DEDUCTIONS
Distributions to participants (40,615) (30,546) (42,721)
-------- -------- ----------
Net increase (decrease) prior to
interfund transfers and loans 242,773 282,808 674,450
Interfund transfers and loans (219,468) 23,565 274,598
-------- -------- ----------
Net increase (decrease) 23,305 306,373 949,048
Assets available for plan
benefits, beginning of year 432,688 356,645 729,995
-------- -------- ----------
Assets available for plan
benefits, end of year $455,993 $663,018 $1,679,043
======== ======== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE> 7
BIOGEN, INC.
BIOGEN SAVINGS PLAN
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND
INFORMATION) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31, 1997
PARTICIPANT DIRECTED
------------------------------------------------------------------
FIDELITY
FIDELITY U.S. LOW-PRICED USAA JANUS
BOND INDEX STOCK INTERNATIONAL WORLDWIDE LOAN
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
ADDITIONS
Contributions:
Employee $ 32,752 $ 2,274 $ 258 $ 4,278 $ -
Rollover 43,062 6,009 - 6,509 -
Employer - - - - -
-------- -------- -------- -------- --------
Total contributions 75,814 8,283 258 10,787 -
Net appreciation (depreciation)
of investments:
Mutual funds 3,680 451 (880) (9,828) -
Biogen, Inc. common stock - - - - -
Interest and dividend income 7,855 913 1,081 11,616 -
Other loan repayment 551 - - - (257,280)
-------- -------- -------- -------- --------
Total additions 87,900 9,647 459 12,575 (257,280)
DEDUCTIONS
Distributions to participants (13,167) - - - (14,714)
-------- -------- -------- -------- --------
Net increase (decrease) prior to interfund
transfers and loans 74,733 9,647 459 12,575 (271,994)
Interfund transfers and loans 82,561 101,871 20,524 157,957 504,394
-------- -------- -------- -------- --------
Net increase (decrease) 157,294 111,518 20,983 170,532 232,400
Assets available for plan
benefits, beginning of year 39,852 - - - 474,929
-------- -------- -------- -------- --------
Assets available for plan benefits,
end of year $197,146 $111,518 $ 20,983 $170,532 $707,329
======== ======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31, 1997
NON-PARTICIPANT
DIRECTED
----------------------------
BIOGEN, INC. BIOGEN, INC.
STOCK FUND STOCK TOTAL
<S> <C> <C> <C>
ADDITIONS
Contributions:
Employee $ - $ - $ 3,431,512
Rollover - - 1,062,176
Employer 8,075 474,305 482,380
---------- ----------- -----------
Total contributions 8,075 474,305 4,976,068
Net appreciation (depreciation)
of investments:
Mutual funds - - 2,120,508
Biogen, Inc. common stock 85,697 (315,390) (229,693)
Interest and dividend income - 700 1,739,450
Other loan repayment - - 48,563
---------- ----------- -----------
Total additions 93,772 159,615 8,654,896
DEDUCTIONS
Distributions to participants - (218,278) (1,669,372)
---------- ----------- -----------
Net increase (decrease) prior to interfund
transfers and loans 93,772 (58,663) 6,985,524
Interfund transfers and loans 3,469,889 (3,469,889) -
---------- ----------- -----------
Net increase (decrease) 3,563,661 (3,528,552) 6,985,524
Assets available for plan
benefits, beginning of year - 3,528,552 21,277,618
---------- ----------- -----------
Assets available for plan benefits,
end of year $3,563,661 $ - $28,263,142
========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE> 8
BIOGEN, INC.
BIOGEN SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The following brief description of the Biogen Savings Plan (the "Plan") is
provided for general information purposes only. Participants should refer
to the Plan agreement for more complete information.
GENERAL INFORMATION
Biogen, Inc. (the "Company") established the Plan as a deferred
profit-sharing plan under Section 401(a) of the Internal Revenue Code of
1986, effective January 1, 1987. The Plan is designed to allow eligible
employees to accumulate savings for retirement in the Plan without paying
income taxes until the savings are actually received.
ADMINISTRATION OF THE PLAN
The Plan is administered by the Savings Plan Committee (the "Plan
Committee"), whose members are appointed by the Company. Fidelity
Management Trust Company is the Plan trustee (the "Trustee").
Administrative costs of the Plan have been assumed by the Company.
PARTICIPATION
Participation in the Plan is voluntary. Each employee of the Company is
eligible to participate in the Plan upon the attainment of age 21 unless
he/she is (a) a student employed on a temporary basis, (b) an employee of a
non-U.S. subsidiary or division of the Company, or (c) a member of a
collective bargaining unit.
CONTRIBUTIONS
Eligible employees may make savings deposits to the Plan in whole
percentages of their gross salary ranging from a minimum of 2% to a maximum
of 18%, subject to certain limitations. For each pay period, the Company
will make a matching contribution of units of the Biogen Inc., stock fund
equal in value to 25% of each employee's savings deposit up to a maximum of
6% of the employee's gross salary, subject to certain limitations.
INVESTMENT OF CONTRIBUTIONS
Company matching contributions are invested in the Biogen, Inc. stock fund.
Prior to December 5, 1997, the matching contribution was invested directly
in Biogen, Inc. stock. On December 5, 1997 the amounts in the stock account
were converted into units of the Biogen, Inc. stock fund which includes
Biogen, Inc. stock and cash or short term investments. Employee
contributions are invested at the direction of the employee in increments
of 10% in any combination of the following investment options:
o An intermediate bond fund designed to earn a high level of current
return. It is invested in Fidelity's Intermediate Bond Fund.
o A balanced fund designed to preserve principal balance by investing in
a diversified portfolio of high yielding stocks and bonds. It is
invested in Fidelity's Puritan Fund.
o An aggressive growth fund invested which seeks to achieve capital
appreciation. It is invested in Fidelity's Magellan Fund.
o A US government money market fund seeks high current earnings while
preserving capital and liquidity. It is invested in Fidelity's
Retirement Government Money Market Fund.
6
<PAGE> 9
BIOGEN, INC.
BIOGEN SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
o A growth company fund which seeks to provide capital appreciation from
investments primarily in common stock of companies with above-average
growth characteristics. It is invested in Fidelity's Growth Company
Fund.
o An international equity fund which seeks capital growth, current
income and growth of income. It is invested in the Fidelity
International Growth & Income Fund.
o An asset allocation fund that seeks total return with reduced risk
over the long term. It is invested in the Fidelity Asset Manager Fund.
o A long term growth fund which seeks to provide investment results that
correspond to the total return performance of common stock of
companies publicly traded in the US. It is invested in the Fidelity US
Equity Index Fund.
o A corporate bond fund that seeks to replicate the price and interest
performance of the debt securities in the Lehman Brothers Aggregate
Bond Index. It is invested in the Fidelity US Bond Index Fund.
o A fund which seeks to provide capital appreciation from investments in
companies which are undervalued or which possess valuable fixed
assets. It is invested in the Fidelity Value Fund.
The Plan added the following investment options effective October 1, 1997:
o A fund which seeks to provide capital appreciation from investments in
companies which are undervalued or which are out of favor with other
investors and that could offer the possibility for significant growth.
It is invested in the Fidelity Low-Priced Stock Fund.
o A fund that seeks capital growth over the long term from investments
in common stocks of foreign and domestic companies. It is invested in
the Janus Worldwide Fund.
o A fund that seeks long term capital growth and current income from
investments in stocks of companies organized and operating principally
outside the United States. It is invested in the USAA International
Fund.
The Plan added the following investment option effective January 1, 1998.
o A fund that pools money to buy shares of Biogen, Inc. stock and cash
or short-term investments. It is invested in the Biogen, Inc. stock
fund. Note: Prior to January 1, 1998 only the employer match was
invested in Biogen, Inc. stock.
Dividends, interest, and other distributions received in any fund are
reinvested in the same fund.
VESTING
Participants are fully vested in their savings deposit accounts and
rollover accounts at all times. Participants will vest in the employer's
matching contribution at a rate of 25% for each year of Plan service and
will be fully vested after four years of Plan service. Participants become
100% vested in employer's matching contributions upon retirement or
termination of employment due to disability.
7
<PAGE> 10
BIOGEN, INC.
BIOGEN SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
WITHDRAWALS AND DISTRIBUTIONS
Distributions are generally payable at termination of employment due to
retirement, disability, death or any other reason. Distribution payments
are made in cash in a lump sum for employees' contributions and in whole
shares of stock for Company matching contributions. Forfeitures of
nonvested amounts are used to reduce the amount of future Company matching
contributions.
LOANS
Participants may borrow against their savings deposits. Loans will bear a
reasonable interest rate determined by the Company. Repayment of loans is
made by direct withholdings of a participant's salary for a period not to
exceed five years (ten years for a residential loan). The minimum loan
amount is $1,000 and a participant may borrow up to a maximum of 50% of the
participant's vested account balance or $50,000, whichever is smaller.
There is no minimum service requirement for a participant to be eligible
for a loan.
PLAN AMENDMENT AND TERMINATION
The Company has the right to amend, suspend or terminate the Plan, but may
not do so in a way which would divest a participant of accrued vested
benefits. If the Plan is terminated, the Trustee will distribute the assets
held in the trust, after payment of expenses, in such a manner as the
Committee shall determine. The Company currently has no intention to
terminate the Plan.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the
financial statements. Actual results could differ from those estimates. The
following is a summary of significant accounting policies which are in
conformity with generally accepted accounting principles consistently
followed by the Plan in the preparation of its financial statements.
BASIS OF ACCOUNTING
The financial statements of the Plan are prepared on the accrual basis of
accounting.
INVESTMENTS
Plan investments are stated at fair value. The Company stock is valued at
its quoted market price. Mutual fund investments are valued at net asset
value representing the value of which shares of the fund may be purchased
or redeemed. Loans to participants are stated at principal plus accrued
interest, which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis. Cost
is determined on the average cost basis. Net appreciation or depreciation,
which includes realized and unrealized gains or losses on investments, is
reflected for the year in the statement of changes in assets available for
plan benefits.
8
<PAGE> 11
BIOGEN, INC.
BIOGEN SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
INCOME TAXES
No provision for income taxes has been made in the financial statements as
the Plan qualifies as a tax-exempt entity under Section 401 of the Internal
Revenue Code ("Code"). The Plan has received a favorable determination
letter dated June 5, 1996 from the Internal Revenue Service. The Plan has
since been amended and a new letter has not been requested. Management has
asserted the Plan, as amended, and its operations have been and continue to
be in accordance with all applicable provisions of the Code and the
Employee Retirement Income Security Act of 1974 ("ERISA").
3. LOANS TO PARTICIPANTS
At December 31, 1997 and 1996, the Plan had loans receivable from
participants aggregating $707,329 and $474,929, respectively. Interest
rates on the loans range from 7.0% to 11.0% annually. The loans are secured
by the participant's interest in the Plan.
9
<PAGE> 12
Biogen, Inc.
Biogen Savings Plan
Supplemental Schedule I
Assets Held for Investment (Item 27a, Form 5500)
December 31, 1997
<TABLE>
<CAPTION>
NUMBER OF CURRENT
SHARES/UNITS COST VALUE
<S> <C> <C> <C>
116,498 Fidelity Intermediate Bond Fund $ 1,183,928 $ 1,184,786
236,897 Fidelity Puritan Fund 4,015,887 4,591,063
14,325 Fidelity Value Fund 798,388 774,097
72,083 Fidelity Magellan Fund 5,644,112 6,867,334
1,525,381 Fidelity Retirement Government Money Market Fund 1,525,381 1,525,381
132,762 Fidelity Growth Company Fund 4,816,266 5,751,258
23,147 Fidelity International Growth Income Fund 451,336 455,993
35,878 Fidelity Asset Manager Fund 611,005 663,018
48,000 Fidelity U.S. Equity Index Fund 1,329,321 1,679,043
18,271 Fidelity US Bond Index Fund 193,749 197,146
4,438 Fidelity Low Priced Stock Fund 111,067 111,518
1,091 USAA International Fund 21,814 20,983
4,514 Janus Worldwide Fund 180,360 170,532
----------- -----------
Total mutual funds 20,882,614 23,992,152
----------- -----------
95,849 Biogen, Inc. common stock 1,988,270 3,486,508
77,153 Interest bearing cash 77,153 77,153
----------- -----------
Total Biogen, Inc. stock fund 2,065,423 3,563,661
Loans to participants 707,329 707,329
----------- -----------
Total $23,655,366 $28,263,142
=========== ===========
</TABLE>
Page 10
<PAGE> 13
Biogen, Inc.
Biogen Savings Plan
Supplemental Schedule II
Transactions Involving Amounts in Excess of 5%
of Current Value of Assets (Item 27d, Form 5500)
Year Ended December 31, 1997
<TABLE>
<CAPTION>
NUMBER
OF PURCHASE SELLING LEASE
PARTY INVOLVED DESCRIPTION OF ASSET TRANSACTIONS PRICE PRICE RENTAL
<S> <C> <C> <C> <C> <C>
Fidelity Management Fidelity Puritan Fund 126 $1,353,273 $ - $ -
Trust Company 80 - 500,277 -
Fidelity Management Fidelity Magellan Fund 137 1,700,001 - -
Trust Company 95 - 1,157,682 -
Fidelity Management Fidelity Growth Company 125 1,831,721 - -
Trust Company 88 - 1,061,353 -
Fidelity Management Fidelity US Equity Index 93 911,703 - -
Trust Company 33 - 280,609 -
Fidelity Management Fidelity Retirement Governme 76 691,848 - -
Trust Company Money Market Fund 41 - 411,157 -
Fidelity Management Biogen, Inc. stock 75 499,561 - -
Trust Company 53 - 3,712,723 -
Fidelity Management Biogen, Inc. stock fund 3 3,477,964 - -
Trust Company
<CAPTION>
CURRENT
VALUE ON
EXPENSE HISTORICAL TRANSACTION
PARTY INVOLVED DESCRIPTION OF ASSET INCURRED COST DATE GAIN (LOSS)
<S> <C> <C> <C> <C> <C>
Fidelity Management Fidelity Puritan Fund $ - $ - $1,353,273 $ -
Trust Company - 442,549 500,277 57,728
Fidelity Management Fidelity Magellan Fund - - 1,700,001 -
Trust Company - 979,041 1,157,682 178,641
Fidelity Management Fidelity Growth Company - - 1,831,721 -
Trust Company - 830,750 1,061,353 230,603
Fidelity Management Fidelity US Equity Index - - 911,703 -
Trust Company - 236,510 280,609 44,099
Fidelity Management Fidelity Retirement Governme - 691,848 -
Trust Company Money Market Fund 411,157 411,157 -
Fidelity Management Biogen, Inc. stock - - 499,561 -
Trust Company 3,598,915 3,712,723 113,808
Fidelity Management Biogen, Inc. stock fund - - 3,477,964 -
Trust Company
</TABLE>
Page 11
