Insmed Inc (INSM)

[jellybean]

Your mistake is in calling Ipsen a major European biotech. Look at their products, gingko abstracts, clay residues and out-licensed growth hormone. Somatuline is their first true biotech product. Ipsen is definitely a successful company, but are they a major European biotech?

You and I think that Iplex is a superior product, but there are plenty of people in the world who will weigh the cost/risk/benefit of the two and side with the cheaper drug. There are children who do fine on Increlex. However, the product has limited growth (no pun intended) in other areas. Given that Ipsen is focusing on endocrine irregulaties, Increlex fits in their product line. In addition, Ipsen is battling with Novo in Europe for growth hormone market -- that has to be a tough game as Novo is big and powerful and does not pay royalties to Genentech for sales. What would happen if Novo partnered with Insmed in Europe? Maybe Ipsen needs to have some form of IGF to keep itself in the growth hormone arena.

By the way, have you seen this?

http://www.ll.georgetown.edu/FEDERAL/judicial/fed/opinions/95opinions/95-1424.html