Rosemary, LGND continues to draw from the Pharms for its senior
management. When they brought in AHP's Vice President, I thought
that it was a signal for a takeover or a spin-out. LGND made a
series of announcements all year that increased the relationship
between LGND and AHP. Their alliance is very broad (women's health)
and AHP is looking to protect its market share (AHP's Wyeth-Ayerst
sells Premarin, a $1 Billion drug for Hormone Replacement Therapy,
and to a less extent, osteoporosis). LGND's new hire was in charge
of that program (which is trying to hold off the generics). The
number of estrogen applications continues to grow (Alzheimer's, memory,
baldness, etc). LGND's management in that area seems well positioned
to make a major push (AHP has licensed progesterone agonists
amd antagonist, they expanded the estrogen program by folding in
some of the compounds AHP was initially developing independently,
and they have an extensive tissue specific program).
More recently LGND has brought in senior management from PNU. I think
this is preparation for a major sales force to sell LGND's retinoids
which were developed in-house (they split Panretin with AGN, but
Targtretin is all LGND). Senior management is yet another strength of
LGND.
Henry |
