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Biotech / Medical : Elan Corporation, plc (ELN)
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To: david staton who wrote (6231)1/5/2005 1:56:14 PM
From: steve kammerer  Read Replies (1) of 10345
 
Has the 5-9% royalty payments on Tysabri been taken into account in ELN valuation?

"A little-known fact is that Genentech has and will continue to materially benefit from the large majority of biotechnology-derived therapeutic innovation due to its intellectual-property position," UBS wrote. UBS specifically cited a 1993 patent governing the creation and production of fusion proteins, an asset that probably must be licensed by any company trying to commercialize a monoclonal antibody in the U.S.

For example, UBS said, Genentech stands to receive 5% to 9% of the revenue generated by the U.S. sales of Tysabri, a BiogenIdec (BIIB:Nasdaq - commentary - research) and Elan (ELN:NYSE - commentary - research) drug, and Erbitux, which is sold by ImClone (IMCL:Nasdaq - commentary - research) and Bristol Myers (BMY:NYSE - commentary - research).

UBS put Genentech's potential royalty revenue at $622 million in 2004, $732 million in 2005 and $855 million in 2006, and said it could top $1 billion in 2008.
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