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Europe OKs respiratory drug
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September 1, 1999: 11:31 a.m. ET
MedImmune-Abbott drug Synagis approved for marketing in Europe
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NEW YORK (CNNfn) - MedImmune Inc. and distribution partner Abbott Laboratories have won marketing approval in Europe for the hot-selling drug Synagis, which treats respiratory problems in infants and children.
Shares of Gaithersburg, Md.-based MedImmune, which developed the drug, rose about 5 percent Wednesday morning, gaining 5-11/6 to 108-7/8. After shares hit a lifetime high of 120-5/8 last month, they fell off a bit when Merrill Lynch cut its rating on the soaring stock, saying it was overpriced.
Synagis, a monoclonal antibody, became available in the U.S. in June 1998. The drug is intended to prevent lower respiratory tract disease in babies and older children caused by respiratory syncytial virus (RSV).
The marketing approval in Europe is good news for the companies, but sales of Synagis are not expected to be as swift as in the U.S., said Sergio Traversa, an analyst at Mehta Partners. The drug recorded sales of $228 million from October 1998 until March 1999, the prime season for RSV diseases, MedImmune said.
He said Abbott, which will be responsible for the European distribution, will have to raise awareness there about RSV.
Abbott stock rose ¼ to 45-5/8 Wednesday morning.
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