Guest guest Posted July 30, 2004 Report Share Posted July 30, 2004 That is exactly the point, Biogen has seen the writing on the wall. If you cant beat them, join them. > > Just another addition to the collection of unethical business > practices of > > drug companies. > > > > Elan slide extends on Pfizer comments > > Concerns weigh for biotech firm on MS drug Antegren > > By Steve Goldstein, CBS MarketWatch.com > > Last Update: 12:42 PM ET July 27, 2004 > > E-mail it | Print | Alert | Reprint | RSS > > > > LONDON (CBS.MW) -- Shares of Irish pharmaceutical Elan continued > > their slide Tuesday, as investors reacted to rival Pfizer's > comments on > > Elan's multiple sclerosis drug. > > > > Elan (ELN: news, chart, profile) shares fell 4.4 percent to > $18.94, and > > are down more than 17 percent since Pfizer (PFE: news, chart, > profile) > > on July 21 discussed the drug in its quarterly earnings statement. > Pfizer > > was off 13 cents to $31.61. > > > > Pfizer said that Elan's Antegren multiple sclerosis drug - now > being > > reviewed by the Food and Drug Administration - may be " tempered by > > a lack of long-term safety. " The drug also is prompting concerns > that > > discontinuation of the drug may make symptoms worse. > > > > Pfizer co-markets Serono's (SRA: news, chart, profile) MS drug > Rebif in > > the U.S. Elan's partner on the Antegren drug is Biogen Idec (BIIB: > > news, chart, profile). > > > > Parkes, an analyst for ING Financial Markets in London, > said > > Pfizer was distorting Elan data. > > > > In an early Phase II study which recruited 72 patients, there was > > indeed a rebound effect; however, in a larger 213 patient study, > the > > rebound effect disappeared, he said. > > > > Parkes said the comments are indicative of counter-marketing > > measures, and noted that Serono and Schering Plough (SGP: news, > > chart, profile) are planning to increase marketing spending on > their MS > > drugs ahead of the expected launch of Antegren. > > > > He also pointed out that Elan shares have been relatively flat > during > > early Irish trading hours, only to fall when ADRs start trading, > which to > > him suggests that U.S. hedge funds are behind the share price > decline. > > > > Elan will report second-quarter earnings Thursday. > > > > Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.