Immunex Itching for Enbrel's Psoriasis Success

Immunex(IMNX Quote) is hoping to make a big splash in New Orleans starting Friday, as dermatologists gather for the annual meeting of the American Academy of Dermatology in the first major medical conference of the year.

The Seattle-based biotech firm will be talking up its blockbuster anti-inflammatory drug, Enbrel, as a potentially new treatment for psoriasis, a painful skin disorder. Enbrel is already the dominant drug in the multibillion-dollar market for rheumatoid arthritis, so expansion into psoriasis -- another billion dollar-plus market -- will bolster further Enbrel's growth.

And of course, what's good for Immunex is good for Amgen(AMGN Quote), as the companies are in the midst of a $16 billion merger. Amgen's own plate is chock full of tasty morsels for investors these days (more on these later) but the success of the merger depends heavily on Amgen being able to chow down on heaping portions of Enbrel-derived cash over the next several years. ...