Genzyme Touts Value Of MS Drug, But View May Be Optimistic |
| Wall Street Journal - Aug 30, 2010 |
Genzyme Corp. (GENZ), in rejecting an $18.5 billion takeover offer from Sanofi-Aventis SA (SNY SAN.FR), pointed to the bright future of an experimental multiple-sclerosis drug, but those prospects aren't certain and may not be shared by Wall Street.
In a letter to Sanofi Chief Executive Chris Viehbacher on Monday, Genzyme Chief Executive Henri Termeer stressed the "tremendous future upside of our multiple sclerosis drug alemtuzumab," which is the generic name for the MS drug Campath, as among the reasons for Sanofi's offer being too low.
While Campath has shown promise in mid-stage studies, critical late-stage data won't be available until mid-2011, and the drug wouldn't hit the market until late 2012. Furthermore, the market for multiple-sclerosis treatments is getting increasingly crowded, and it could be tough for a new therapy to find significant success, especially if any safety issues arise.
Read Full Article from Wall Street Journal
- Posted: 2010-08-30 21:19:43
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