RESEARCH ALERT - Amgen, Transkaryotic reiterated
NEW YORK, March 29 (Reuters) - Deutsche Banc Alex. Brown reiterated a strong buy rating on biotechnology company Amgen Inc. (NASDAQ:AMGN) and a market perform rating on Transkaryotic Therapies Inc. (NASDAQ:TKTX).
-- Amgen and Transkaryotic are in a patent dispute over Amgen's patents for blockbuster drug Epogen.
-- The drug, for kidney dialysis patients with anemia, is Amgen's lead product, with annual sales of about $1.7 billion.
-- Deutsche Banc Alex. Brown analyst Dennis Harp said the judge in a pre-trial patent hearing earlier this week drew conclusions which favored Amgen.
-- "We believe the probability is increased that Judge Young may grant, in part, Amgen's motion for summary judgment of infringment," Harp wrote in a research note.
-- "We believe, based on the advice of outside patent experts, that Amgen will ultimately prevail in the litigation," he wrote.
-- Amgen claims Cambridge, Mass.-based Transkaryotic has infringed its patent, while Transkaryotic is charging Amgen with misconduct in obtaining the patent.
Amgen shares was off 3/4 to 62-1/16 in afternoon Nasdaq trade, while Transkaryotic shares fell 4-1/2 to 57. david.brinkerhoff@reuters.com))
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