Amgen Raises Profile Of Oncology Therapeutics Unit
This article was originally published in The Pink Sheet Daily
Newly promoted VP David Parkinson, MD, will oversee reconfigured oncology unit with separate supportive care and therapeutics groups.
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Application will seek approval for third-line treatment of colorectal cancer. Amgen says the anti-EGRF monoclonal antibody shows fewer adverse reactions than Bristol-Myers Squibb/Imclone's Erbitux.
Mucositis therapy will have an initial market of less than $50 mil. for first approved indication, but potential for use in broader cancer market would be $3 bil. opportunity. Kepivance will help Amgen build on position as number one oncology company in U.S., although Amgen is cautioning investors to expect slower growth in 2005 in light of reimbursement climate.
Agreement with Avidia is firm's eleventh licensing deal or acquisition of validated targets for product development in the last 12 months.