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Biotech / Medical : MEDX ... anybody following?

MEDX 31.84

+0.8%

Nov 10 3:26 PM EST

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From: Icebrg	12/5/2006 2:11:10 AM
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Big hole in development pipeline Robin Pagnamenta: Analysis The unexpected loss of torcetrapib, Pfizer’s key heart drug, has punched a gaping hole in the development pipeline of the world’s biggest drug company. The cholesterol-lowering agent was due to be launched next year and had been forecast to generate up to $20 billion (£10.1 billion) in peak sales for the company. Yesterday the failure prompted Moody’s Investors Service, the credit-rating agency, to consider a possible downgrade of Pfizer’s AAA long-term debt rating. Pfizer’s pipeline was already viewed as weak, but the company now has little choice but to use some of its $17 billion cashpile to acquire other companies and potential drug candidates. It is likely to consider companies with a promising portfolio of biologic drugs based on proteins and antibodies — which many think represent the future of the pharmaceutical industry. Genmab, a Danish company, Medarex, of America, and the British group Shire have all been named as possible targets for Pfizer. All of them have strong pipelines of biologic drugs. However, competition is likely to be intense as several other big drug groups are facing similar problems at the moment. AstraZeneca, GlaxoSmithKline and others are keen to make acquisitions and are paying big premiums for interesting biotechnology companies. business.timesonline.co.uk

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