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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Hank who wrote (6955)	8/21/2002 11:39:27 PM
From: rkrw	Read Replies (1) \| Respond to of 52153

Hank, The FTC forced PFE to relinquish tarceva in the aftermath of its merger with warner lambert. PFE now has zero residual stake in tarceva Tarceva is being developed in a 3 way deal with DNA and Roche. I believe the terms are 1/3 each and probably some sort of royalty to OSIP for european sales.

To: Hank who wrote (6955)	8/21/2002 11:54:53 PM
From: RCMac	Read Replies (1) \| Respond to of 52153

Tarceva was co-developed with Pfizer and subsequently turned over to OSI after Pfizer and OSI decided to end their cancer discovery collaboration. I am sure Pfizer still has a piece of Tarceva (and admittedly I don't know how much) and this should be considered when trying to estimate future revenue. Hank, You're misremembering the circumstances, and PFE has no remaining interest in Tarceva. In order for PFE to obtain FTC antitrust clearance for its takeover of WLA two years ago, PFE had the choice either to give up Tarceva (then OSI-774, which OSIP had licensed to WLA) or to give up another EGFR inhibitor developed by PFE, which [from memory only] I believe has since failed). PFE elected to give all rights to Tarceva back to OSIP: UNIONDALE, N.Y., June 19 [2000] /PRNewswire/ -- OSI Pharmaceuticals, Inc. (Nasdaq: OSIP - news) announced today that Pfizer Inc. (NYSE: PFE - news), in order to meet Federal Trade Commission requirements for its merger with Warner-Lambert Company (NYSE: WLA - news), is granting all development and marketing rights to OSI Pharmaceuticals for CP-358,774 (OSI-774). The compound is the most advanced clinical development candidate arising from the OSI/Pfizer alliance and is currently in Phase II trials. Warner-Lambert is also developing an EGFR inhibitor. CP-358,774 (OSI-774) is a potent, selective and orally active inhibitor of the EGFR oncogene. EGFR inhibitors are considered amongst the most promising new cancer treatments under development. Pfizer stated ``that it is taking this action today to meet the requirements of the FTC resulting from its review of the Pfizer acquisition of Warner-Lambert. By returning our rights in CP-358,774 to OSI Pharmaceuticals through the collaborative agreement between the two companies, we can most expeditiously meet the FTC requirements while minimizing any delay in the development of this anti-cancer agent.'' Message 13906969