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Biotech / Medical : Biotech Valuation

CRSP 56.68

-2.4%

Dec 12 9:30 AM EST

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To: Biomaven who started this subject	6/25/2001 1:26:00 PM
From: IRWIN JAMES FRANKEL	of 52153

BGEN and Amevive - bad press - I do not have a link to the story which a friend e-mailed to me. "However, Biogen's woes do not stop at the multiple sclerosis segment. The company has also sunk time, effort and resources into the development of a psoriasis drug, Amevive, in a bid to diversify its income stream. Although the company faces stiff competition in the psoriasis market, Amevive has been regarded as a promising product. The biggest competitive threat appears to be Xanelim, a drug developed by XOMA Ltd. (XOMA) and Genentech Inc. (DNA). At last week's International Psoriasis Symposium, results for each drug were released. Biogen gave a detailed progress report on Amevive Friday night, which prompted both Lehman Brothers and Merrill Lynch to downgrade the stock. Lehman Brothers slashed its rating from "buy" to "market perform." The analyst cited uncertainties surrounding Amevive's patent position. In addition, results were regarded as disappointing. Merrill Lynch was even more specific when voicing its doubts about the company's prospects, saying that Avonex' market share is expected to decline from 58% at the end of 2000 to 35% by the end of 2005."

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