Synageva BioPharma (GEVA)

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Thursday, October 15, 2009, 10:42am EDT
Trimeris: Sales of AIDS drug Fuzeon drop 35%Triangle Business Journal - by Frank Vinluan

Trimeris' earnings fall
Sales of Trimeris' Fuzeon fall 39% in 4Q
New HIV treatments slash into sales of Trimeris' Fuzeon

Slumping sales, end of R&D hurt Trimeris' income
Durham drug company Trimeris, which is being acquired by a South Korean firm, saw sales of its AIDS drug Fuzeon tumble 35 percent in the third quarter compared to the same period a year ago, according to results released Wednesday after the markets closed.

The Durham company’s drug generated $29.8 million in worldwide sales in the third quarter. In North America, third quarter sales were $10.4 million, down 31 percent from $14.9 million a year ago. Outside the United States and Canada, Fuzeon sales reached $19.4 million in the quarter, down 37 percent compared to the third quarter of 2008.

Trimeris (Nasdaq: TRMS) announced on Oct. 5 that it would be acquired by South Korean company Airgene (KOSDAQ: 067850.KQ) for $81 million. Under the deal, Trimeris will become a wholly owned subsidiary of Arigene.

Trimeris co-promotes Fuzeon with Swiss pharmaceutical company Roche. Fuzeon sales have been hurt by drugs from competitors. Trimeris said it plans to release complete financial results for the third quarter in early November.