As DAK and I try to make CORR into a valuation case study on the thread, we should provide a little more background and a couple of links, so that anyone can play.
CORR has one approved product, Integrelin, an injectable GP IIb-IIIa inhibitor (anti-clotting agent) approved by FDA last spring, with sales slowly ramping up. It also has, in phase II, another GP IIb-IIIa inhibitor, this one in oral form, Cromafiban (see the recent CORR Press release: biz.yahoo.com ) and some other things earlier in the pipeline.
An outline of the CORR story, with a couple of links:
Message 7535034
Integrelin is partnered with Schering-Plough (co-promotion in U.S. and Canada, and after an initial period, in Europe; royalties to CORR for sales elsewhere, rate not disclosed), which presumably puts something of a damper on anyone else's ambition to munch up CORR. The 10-K and other things I've seen are a little unclear, but it appears that the Schering collaboration is limited to Integrelin. The 10-K does mention "integrating" the two sales forces, etc., suggesting that SGP and CORR contemplate the possibility of expanding their arrangement to later products. What I've looked at doesn't say much about the financial terms of the arrangement - I assume it's a 50-50 split of the net where they co-promote), but I'd rather they'd said that explicitly somewhere.
The 1997 CORR 10-K (filed 3/24/98; we're due for a new one shortly): edgar-online.com
(The discussion of the Schering collaboration for Integrelin is at page 11.)
--RCM |
