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Biotech / Medical : wla(warner lambert)
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To: Anthony Wong who wrote (608)3/24/1999 3:59:00 PM
From: Greg Jenkins  Read Replies (1) of 942
 
Here is another update from AG edwards:

Recent Development:(03/22/99) GLX Romozin resubmission unsuccessful.
Glaxo announced today that it's type 2 diabetes drug Romozin was not approved
for reintroduction by the UK Medicines Control Agency (MCA), the UK's FDA.
Romozin is the same drug as WLA's Rezulin. Romozin was originally approved in
the UK, but under a label that did not caution patients about its potential
liver effects. Rather than changing the label, it was voluntarily withdrawn in
December 1997. As we stated back in December 1997, this decision may also be
related to GLX having an in-house drug in development (i.e. more profitable as
opposed to Romozin which is in-licensed from Sankyo). Rezulin is undergoing a
panel review of its post marketing and other safety data this Friday, March
26. This is obviously negative for WLA, but given GLX's past actions and the
choices it obviously has to make, we do not see this as a good indicator of
the type of review or outcome that Rezulin is likely to receive. We reiterate
our positive stance on Rezulin and WLA, and would view weakness as an
opportunity.
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