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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM) -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (2974)	12/18/2007 2:57:36 PM
From: Icebrg	Respond to of 3044

FBR Bullish on Millennium Pharma in 2008 Tuesday December 18, 2:25 pm ET Millennium Pharmaceuticals Shares Rise As FBR Research Calls It a 'Top Pick' for 2008 NEW YORK (AP) -- Shares of Millennium Pharmaceuticals Inc. rose Tuesday after FBR Research said it is poised to be among the best performing biotechnology companies in 2008. Shares rose 30 cents, or 2.1 percent, to $14.47 in afternoon trading. The stock has traded between $9.49 and $16.62 over the last 52 weeks. Analyst Jim Reddoch called the stock a "top pick" and reaffirmed an "Outperform" rating with a $20 price target, citing strong sales of the company's drug Velcade, a treatment for multiple myeloma, a cancer affecting white blood cells and bone marrow. FBR hosted an investor meeting in Boston with Millennium's management Monday, during which Velcade took key focus. Reddoch credited a rise to 2007 Velcade in part to the company educating patients about their ability to receive additional treatment with Velcade. Multiple myeloma patients can receive up to eight lines of therapy, Reddoch said. Another key contributor to sales growth could be patients switching to Velcade from Celgene Corp.'s Revlimid, he said. Both Velcade and Revlimid are approved as secondary treatments for multiple myeloma. Patients often have to switch therapies as the cancer progresses. Reddoch expects Velcade to receive approval as an initial treatment for the condition in mid-2008, pushing sales beyond current expectations. "An underappreciated fact we picked up on yesterday: the new label will significantly extend the duration of Velcade's on-label use," he said in a note to investors. The new labeling will mean patients will be able to receive six months of twice-weekly Velcade treatment followed by six months of once-weekly dosing. That will increase usage of the drug by 50 percent, compared with the current labeling. Meanwhile, gaining approval as an initial treatment opens Velcade up to a market of 20,000 additional patients. Reddoch expects Velcade to gain 20 percent of that market at its peak. The drug had U.S. sales of $220.5 million in 2006. Reddoch forecasts 2007 Velcade sales of $274.9 million and said sales will likely beat his $360 million estimate next year if it receives front-line approval in mid-2008 as expected.