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Biotech / Medical : Zonagen (zona) - good buy?
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To: Myron David Kor who wrote (5781)10/1/1998 5:18:00 PM
From: Tokyo VD  Read Replies (1) of 7041
 
Myron,

Big pharmas have always done odd things. Remember, Glaxo walked from the development of IC351 (the PDE-5 drug Lilly just licensed) probably due to the delay in onset of action and uncertainty surrounding the patent status (Pfizer received a patent in Europe for the use of any PDE-5 for the treatment of ED).

In a note to Dauntless, I just explained my thought process on Lilly, which paid $75 million upfront. SGP, on the other hand, made Zonagen jump through hoops to get the money it has collected to date (with the balance only being paid upon approvals). So, SGP paid a total of $57 million and a 22% royalty to get Zonagen's Vasomax (which had completed Phase III testing), while Lilly paid $75 million upfront to get a Phase II drug.

Either Zonagen got screwed or ICOS got overpaid.

Tokyo
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