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Biotech / Medical : Biotech Valuation

CRSP 57.54

+0.9%

3:59 PM EST

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To: tom pope who wrote (9555)	11/23/2003 9:39:12 PM
From: fred hayes	Read Replies (1) of 52153

Speaking of Garren, he is recommending Praecis on the basis of expected approval of what used to be called Abarelix. It was partnered with Amgen and Sanofi, and both dropped the deal after initial FDA concerns. Praecis seemed to signal that the problems were minor, could be addressed by another straight-forward study, completed the study, resubmitted the application, and should hear a decision next week. I just don't get it. Why would Amgen and Sanofi walk away from this drug if approval were going to be so easy? The data showed no survival benefit for Abarelix. There must be something going on here I don't understand. Any insights would be appreciated... fred hayes

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