Biotech Values

[DewDiligence]

Re: CEPH, BRL forge Actiq deal:

After listening to CEPH’s CC on Tuesday, I think the analysts and the market got this deal all wrong.

Because CEPH’s main patent for Actiq is set to expire in late 2006 (with pediatric exclusivity possibly extending to early 2007), CEPH is ceding essentially nothing in the BLR licensing deal. Rather than a “government-mandated authorized generic” (the characterization I used in my previous post), this whole deal looks like a charade to please the anti-competition cops at the FTC.

Score one for CEPH.