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Biotech / Medical : Genzyme - GENZ
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To: zeta1961 who wrote (4)7/8/2007 8:24:22 AM
From: tom pope   of 10
 
ML brushes the failure aside. If they're right, it is an interesting buy:

Tolevamer misses endpoint; Use weakness to BUY
Genzyme reported today that its first phase III trial of tolevamer, for the treatment
of Clostridium difficile associated diarrhea, did not meet its primary endpoint of
non-inferiority to Vancomycin. While GENZ plans to finish its second phase III,
we have removed tolevamer from our models. We had projected peak sales of
$250 MM by 2015. We have also removed expenses related to building a sales
force for the drug, which we estimated at ~ $18 MM in 2010. We expect Mozobil
data to be coming shortly. We reiterate our BUY rating on today's weakness.
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