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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
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From: Icebrg7/25/2005 12:39:53 PM
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Millennium Pharma Outlook: 'The Worst Is Over'
07.25.05, 12:22 PM ET

SG Cowen said "the worst is over" for shares of Millennium Pharmaceuticals (nasdaq: MLNM - news - people ) after the specialty pharmaceutical firm announced last Friday it would divest the Integrilin heart drug to Schering-Plough (nyse: SGP - news - people ).

Schering-Plough will pay up-front fees of $35.5 million for exclusive developmental and marketing rights for Integrilin, which it previously co-marketed with Millennium, along with future royalty payments. Schering-Plough also plans to purchase existing Integrilin inventories for $45 to $50 million.

"We have a neutral opinion of this deal, and Millennium's shares in general. We still do not recommend Millennium because our physician checks have not yet given us any reasons for optimism that there will be an upside surprise from Velcade, Integrilin, or Millennium's pipeline," said SG Cowen. "Nonetheless, we acknowledge that the current stock price positions Millennium for outperformance should Velcade begin to look like a winner in an indication outside refractory myeloma, and we will watch for such an opportunity."

The research firm said one positive of the deal is that it signifies Millennium is becoming more focused on its lead drug Velcade, a cancer treatment, as competition heats up in the multiple myeloma space. "With Millennium off 20% in 2005, we believe the worst is over for the stock," said SG Cowen.

forbes.com
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