Wyeth out of FluMist partnership?
>>Forbes.com staff, 02.10.04, 2:52 PM ET
NEW YORK - Credit Suisse First Boston said there is an "above 50%" probability that Wyeth (nyse: WYE - news - people ) will withdraw from a partnership with MedImmune (nasdaq: MEDI - news - people ) for the flu vaccine FluMist. "We could hear as soon as March 1," at which time MedImmune will provide 2004 financial guidance, said CSFB. The research firm lowered earnings estimates for MedImmune, citing lower FluMist sales estimates, offset in part, by higher Synagis sales estimates and lower operating expenses. Synagis is indicated for the prevention of serious lower respiratory tract disease caused by respiratory syncytial virus (RSV) in pediatric patients at high risk of RSV disease. CSFB lowered 2004, 2005, 2006 and 2007 earnings-per-share estimates to 87 cents, 97 cents, $1.09 and $1.42 from $1.03, $1.22, $1.45 and $1.65, respectively. Liquid CAIV-T is being developed under a collaborative agreement between Wyeth and MedImmune as a second generation, refrigerator stable, liquid trivalent cold adapted influenza vaccine that may have the potential to replace FluMist (a frozen vaccine). CSFB expects "positive data" from studies comparing CAIV-T with the standard flu shot "over the next several weeks." CSFB said, "As part of any breakup, we would expect MEDI to have to negotiate to use the CAIV-T data to support US and ex-US regulatory plans. We estimate that Wyeth has spent more than $500 million to support the development and commercialization of FluMist since AHP inked the January 1999 agreement with Aviron." <<
Cheers, Tuck |
