Biotech Mailbag Bonus: Elan Story Causes Stir
To summarize, the story detailed how the two drugmakers are using their own newly created endpoint in a phase III trial for bapineuzumab, rather than the industry standard that has been the basis for all Alzheimer drug approvals to date.
The story is important enough (in my humble opinion) and the feedback strong enough to justify a special Friday edition of the Biotech Mailbag. I'll devote this space entirely to the Elan-Wyeth story so that I can leave room for lots of other good stuff in my regular Saturday Mailbag.
I'll start with a research note issued by Corey Davis, the specialty pharmaceuticals analyst at Natixis Bleichroeder. He has a buy rating on Elan and a $31 price target, so naturally, he took issue with my cautious, if not bearish, thesis. (Natixis has no banking relationship with either Elan or Wyeth.) Davis says my story wasn't new news because "Elan has been very public for years that both the NTB
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