NEW YORK (AP) -- Drugmaker Biogen Idec is being added to the S&P 100 "mega cap" index, S&P Dow Jones Indices said Friday.
Biogen will replace American Electric Power Co. on the S&P 100. Biogen's drugs include the multiple sclerosis treatments Avonex and Tecfidera, and its share price has climbed 88 percent over the last year. The stock closed at $332.49 Friday, and FactSet says Biogen Idec Inc. has a market capitalization of about $78.6 billion.
Biogen and American Electric Power will both remain part of the S&P 500.
Two sets of companies are trading places on other indices. Coffee maker Keurig Green Mountain Inc. will move to the S&P 500 from the S&P MidCap 400, while oil and gas company WPX Energy Inc. will move to the MidCap index. Kate Spade & Co. and Matson Inc. are also swapping indexes, with clothing and accessories maker Kate Spade being added to the MidCap 400 while shipping company Matson becomes part of the S&P SmallCap 600.
All of the changes will take effect after the close of trading on March 21.