Tuesday, September 19, 2006
When It Rains, it pours
Bristol Myers Squibb took another one in the chops yesterday when a federal judge in New York City invalidated a key Imclone System's patent associated with its colon cancer drug Erbitux (in favor of three Israeli scientists). BMS is the co-marketer of Erbitux, sales of which are expected to be around $1 billion this year. (It is worse news for Imclone as Erbitux is its only marketed drug, and Amgen is poised to receive FDA approval of a competitor drug. Which company is more snake bit -- BMS or Imclone (founder Sam Waksal in prison for securities fraud, etc.)?