SEPR up 4+ (up 20+% in the last week), presumably on this news. Sold Oct 60 covered calls at $5. If they get called away fine, if the stock drops back (usually does), I'm a buyer.
Phase III Trials Underway for Desloratadine
PR Newswire - September 21, 1998 07:13
MARLBOROUGH, Mass., Sept. 21 /PRNewswire/ --
Sepracor Inc. (Nasdaq: SEPR) today announced that
Schering-Plough Corporation (NYSE: SGP) has initiated their
Phase III program for desloratadine (previously referred to by
Sepracor as descarboethoxyloratadine (DCL)). Desloratadine
is an active metabolite of Schering-Plough's CLARITIN(R)
brand of antihistamines, the world's leading nonsedating
antihistamine, with 1997 sales of approximately $1.7 billion.
In December 1997, Schering-Plough Corporation and
Sepracor announced a licensing agreement giving
Schering-Plough exclusive worldwide rights to Sepracor's
patents relating to desloratadine, which in pre-clinical studies
has shown the potential for greater potency.
Under the terms of the agreement, Sepracor exclusively
licensed its desloratadine related patent rights to
Schering-Plough, which expects to develop and market a
desloratadine product worldwide. Royalties paid to Sepracor
will escalate over time and upon the achievement of sales
volume and other milestones. |
