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Panel Favors Gilead's Hepatitis Drug
08/06/02 - 05:58 PM EDT
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A panel of drug regulators unanimously approved Gilead Sciences' GILD Adefovir as a treatment for hepatitis B at a Food and Drug Administration meeting Tuesday. The company submitted its application in March and was granted priority review, so a full FDA decision could come by the year's end. The full FDA decision usually, but not always, follows the vote of the panel. Hepatitis B affects as much as 5% of the world's population and an estimated 1 million Americans. With approval, Pacific Growth Equities analyst Thomas Dietz estimated U.S. sales of $32 million in 2003 and U.S. and European sales of $78 million in 2004. Dietz rates Gilead overweight, and Pacific Growth Equities makes a market in its shares. In May, Gilead signed an agreement with GlaxoSmithKline GSK to market Adefovir outside the U.S. Trading was halted in the biotech's shares Tuesday. It closed Monday at $30.86.
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