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Biotech Hot in July Driven by Positive Drug Data and Acquisitions
Date:8/3/2009

drug with the FDA.

- A marquee acquisition also caught the headlines as Medarex's shares soared 90 percent in July on news that Bristol-Myers Squibb was buying the Princeton, New Jersey-based biotech for $2.4 billion, or $16 per share in cash, representing a 90 percent premium. With the acquisition Bristol-Myers Squibb gains full rights to ipilimumab, an experimental drug for metastatic melanoma in late stage testing. The companies together have been developing the drug, which is also being studied in lung and prostate cancers. Bristol also gains rights to seven antibodies in clinical trials under Medarex's sole sponsorship and three other antibodies being co-developed with other partners, and rights to pre-clinical assets in various stages of development by Medarex - in particular, monoclonal antibodies focused in oncology and immunology.

It wasn't all good news for biotechs. Genzyme shares tumbled more than 6 percent in July following an announcement that the FDA plans to re-inspect a key manufacturing plant because the company did not take sufficient action to correct equipment maintenance and process control problems. Genzyme received an FDA warning letter in February citing manufacturing deficiencies at its Allston Landing manufacturing plant in Boston. The company said it took corrective action, and the FDA inspected the plant in May.

"The general markets have now experienced four excellent months of gains," said G. Steven Burrill, CEO, Burrill & Company, a San Francisco based global leader in life sciences with activities in Private Equity, Venture Capital, Merchant Banking and Media, "but while this month has been very encouraging for the health and biotech sector it is important to realize that this strong performance has been driven in large part by the tremendous stock gains of Human Genome Science, Targacept and Medarex.

"We don't yet believe biotech is fully back on track a
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SOURCE Burrill & Company
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