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Biotech / Medical : Abgenix, Inc. (ABGX)

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To: Icebrg who wrote (374)	10/4/2004 11:16:14 AM
From: Icebrg	Read Replies (1) of 590

Some background information (speculations) with regard to AMG 162. Amgen's Osteoporosis Drug May Be 'Blockbuster' 10.04.04, 10:59 AM ET Credit Suisse First Boston maintained a "neutral" rating and $62 target price on Amgen (nasdaq: AMGN - news - people ), saying the company's osteoporosis drug AMG-162 has "blockbuster potential" but that the market remains extremely competitive. The research firm said Phase II test results showed that AMG-162 was comparable to Fosamax in increasing bone mineral density in the lumbar spine. Fosamax is produced by Merck (nyse: MRK - news - people ). The results showed Amgen's drug outperformed Fosamax in increasing bone mineral density in the hip. "We expect Phase III osteoporosis results in 2007, leading to 2008-2009 U.S. launch," CSFB said. Among other osteoporosis drugs CSFB noted that Novartis (nyse: NVS - news - people ) is currently in Phase III studies for its Zometa drug and that NPS Pharmaceuticals (nasdaq: NPSP - news - people ) plans to submit PREOS for U.S. regulatory approval by the end of 2004. CSFB currently estimates Amgen's 2005 and 2006 earnings per share at $2.45 and $2.86, respectively. forbes.com

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