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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly) -- Ignore unavailable to you. Want to Upgrade?

To: Anthony Wong who wrote (1178)	12/3/1998 8:25:00 PM
From: Anthony Wong	Read Replies (5) \| Respond to of 1722

Lilly Falls as Study Fails to Show Drug Curbs Hip, Wrist Breaks Bloomberg News December 3, 1998, 4:31 p.m. ET Lilly Falls as Study Fails to Show Drug Curbs Hip, Wrist Breaks Indianapolis, Dec. 3 (Bloomberg) -- Eli Lilly & Co. fell 5.8 percent after research failed to show its new drug Evista, used to prevent thinning of bones in older women, could prevent hip and wrist fractures. Lilly, the world's 10th largest drugmaker, fell 5 1/8 to 83 3/4. Indianapolis-based Lilly needs to build Evista and other new products into blockbusters before it loses patent protection on its top-seller, the antidepressant Prozac in a few years. Prozac made up 30 percent of Lilly's 1997 revenue of $8.52 billion. Research presented today at a medical conference showed no significant difference between Evista and placebo in reducing hip and wrist fractures, Lilly said. Other data has indicated the drug may reduce spine fractures. Merck's three-year-old Fosamax had sales of $540 million as of September, up from 1997 sales of $532 million. Introduced in January, Evista has had sales of about $82 million, disappointing Lilly and investors. Evista is approved in the U.S. only for the prevention of thinning of the bones, a condition known as osteoporosis. The U.S. Food and Drug Administration has approved Merck's Fosamax for both prevention and treatment of osteoporosis. To seek a similar FDA approval, Lilly is conducting these fracture studies. Lilly presented its research today at a medical conference in San Francisco for doctors specializing in bone disorders. Merck and other rival drugmakers also will present research at this meeting of the American Society for Bone and Mineral Research. The conferences allow drugmakers to promote their products to doctors. --Kerry Dooley in the New York newsroom (212) 318-2300 /mfr

To: Anthony Wong who wrote (1178)	12/3/1998 8:31:00 PM
From: Anthony Wong	Respond to of 1722

ICOS Guns for Viagra with Help from Bill Gates: Bloomberg Forum Bloomberg News December 3, 1998, 4:06 p.m. ET ICOS Guns for Viagra with Help from Bill Gates: Bloomberg Forum Bothell, Washington, Dec. 3 (Bloomberg) - Say this for biotechnology upstart Icos Corp.: it thinks big. The Bothell, Washington, company is developing an anti- impotence drug called IC351 and intends for it someday to rival Pfizer Inc.'s blockbuster Viagra. Icos recruited Eli Lilly & Co., the 10th largest U.S. drug maker, as a partner in the venture. Further, Icos is the only biotech wanna-be which can boast as a board member Microsoft Corp. Chairman Bill Gates, America's wealthiest person. Even with its lofty ambitions, Icos may have a hard time denting the lead of Viagra, which had drug industry-record sales of $411 million in its first three months this year. Icos reckons it will take two years to get government clearance for IC351. Then, the company has the challenge of convincing the public that it needs an alternative to Viagra. ''I am not sure whether the world needs it,'' conceded Icos Chairman George Rathmann, 70, at the Bloomberg Forum. In only a few months on the market, Viagra became a sensation and helped drive Pfizer's stock to an all-time high of 121 last April 21. Stories about Viagra have landed on the front pages of newspapers and covers of magazines all year. Its place in pop culture annals was assured when ''Saturday Night Live'' featured it in comedy skits. No Panic Rathmann has no assurances that IC351 can have that kind of impact on Icos. Nevertheless, he won't panic. Lilly said in October it will pump in $75 million at the outset of their relationship and more money later. Icos and Lilly also plan to develop medications for women who have sexual dysfunction. When it comes time to market IC351, Rathmann can count on unleashing a high-powered board. Forbes said Gates, the wealthiest American, has an estimated worth of $58 billion. The board also consists of former chief executives, Citicorp's Walter Wriston, International Business Machines Corp.'s Frank Cary and James Ferguson of General Foods Corp. Gates is a ''fabulous'' colleague, Rathmann said. ''He does everything right. He's got enthusiasm, he's got a critical mind and he's very supportive.'' Fewer Side Effects Icos intends to make a drug which could work as well as Viagra but cause fewer side effects. Last month, the U.S. Food and Drug Administration said Viagra will carry new warnings to ensure its safe use. The warnings follow reports of heart attacks, sudden cardiac death and high blood pressure in men who have taken the drug. The new warning will warn men who have a history of heart problems to be careful about resuming normal sexual activity. Both drugs target the same enzymes involved in causing impotence. These enzymes are also found in other parts of the body, such as the eyes. By hitting these enzymes the wrong way, Pfizer's drug has produced side effects. Icos has designed its pill to hone in on the enzymes involved in causing impotence. Icos has designed a molecule which ''doesn't interact with other sites in the body and therefore it has a specific function of solving the problems of erectile dysfunction,'' Rathmann said. Marketing Challenge Rathmann concedes that marketing IC351 will eventually shape up as a challenge. ''Of course, with Viagra such a wonderful name, we've been kind of reluctant to pick a name,'' he said. ''We figure it's going to be hard to have a better-sounding name than that one.'' Don't let Rathmann fool you. Behind his folksy manner, he knows how to market his company with investors. Rathmann helped found Amgen Inc., the world's largest biotechnology company. So far, he has won over Wall Street. Icos' shares are up 53 percent in the past 12 months, more than twice the 21 percent return of the benchmark Standard & Poor's 500 Index of stocks. Rathmann's biggest coup to date was wooing Gates. Rathmann called Gates after hearing from mutual friends that the Microsoft leader might want to invest in a biotechnology company. They had dinner together and Gates was intrigued by Icos' prospects. It turned out that Rathmann did such a good job at talking up his company that Gates invested $5 million of the initial $33 million in Icos and today he owns 13 percent of the company. Icos doesn't have any products on market. Instead, it offers investors the prospect of turning its research into new drugs. So far, its work has crossed a hurdle some biotechnology companies have not, winning U.S. Food and Drug Administration approval to test experimental medicines in people. In addition to the impotence drug, Icos also has two other drugs in advanced development, including one for stroke. These three products are in the second of three stages of required testing to apply for U.S. approval. Another is in early human testing. --Jon Friedman (212) 318-2337 with reporting by Kerry Dooley

To: Anthony Wong who wrote (1178)	12/3/1998 8:36:00 PM
From: Anthony Wong	Respond to of 1722

12/03 18:41 Inhale <INHL.O> poised for profits - BusinessWeek NEW YORK, Dec 3 (Reuters) - Inhale Therapeutic Systems Inc. <INHL.O> could be poised to reap big profits and a run-up in its stock price after it brings a product to market that enables patients to inhale drugs such as insulin, the December 14 issue of BusinessWeek argues. What's more, Pfizer Inc. <PFE.N> is betting a lot of money that Inhale will succeed, the magazine's closely watched Inside Wall Street column said. Pfizer signed a pact with Germany's Hoechst Marion Rousel to build a jointly owned plant in Frankfurt, costing anywhere from $500 million to $800 million to build, to produce bulk insulin, the article said. And two companies also plan to help Inhale develop and promote inhaled insulin, the article added. "It is unusual for a big pharmaceutical house to plunk down hundreds of millions for a product still in clinical trials," the article said. An unnamed New York money manager said conservatively Inhale could stand to earn $45 million a year from the new product on a pre-tax basis, the article said. If so, Inhale's stock would be worth 45 to 50 rather than under 33 where it is trading now, according to the money manager, the article said. moneynet.com@NEWS-P2&Index=0&HeadlineURL=../News/NewsHeadlines.asp&DISABLE_FORM=&NAVSVC=News\Company

To: Anthony Wong who wrote (1178)	12/3/1998 8:39:00 PM
From: Anthony Wong	Respond to of 1722

Johnson & Johnson restructures Plan sets $800 million charge and 5,800 layoffs By Khanh T.L. Tran, CBS MarketWatch Last Update: 6:21 PM ET Dec 3, 1998 Market Snapshot NEW BRUNSWICK, N.J. (CBS.MW) -- Johnson & Johnson announced Thursday it will cut 4 percent of its staff and shut down three-dozen plants in a restructuring that will cost the health-care products titan $800 million in the fourth quarter. Johnson & Johnson (JNJ), whose stock is a component of the Dow Jones Industrial Average, said after the market closed that it will close 36 manufacturing facilities around the world and eliminate 5,800 positions from its global work force of 94,000. The maker of Band-Aids is the latest among Big Cap companies to initiate restructuring plans amid weakening global economic conditions. Boeing Company, the world's largest aerospace manufacturer, said Tuesday it will lay off 20,000 employees over the next two years in addition to the 28,000 job cuts it has made since last summer. However, Johnson & Johnson said it will add 1,700 positions for a net reduction of 4,100 in the U.S. and 20 other countries. The jobs marked to be eliminated are primarily in manufacturing and operations, the company said. Moreover, Johnson & Johnson, based in New Brunswick, N.J., said it will take a one-time charge in the fourth quarter to cover costs of the restructuring plan as well as write-offs for research and development. As part of this charge, the company will write off approximately $300 million related to the recent $3.5 billion acquisition of DePuy Inc. Johnson & Johnson's stock closed down 15/16 at 79 9/16 ahead of the news.