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REFILE-Eli Lilly, Pfizer, Roche eye MediGene's drug -sources

Fri Aug 8, 2008 11:52am EDT
 
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(Refiles to fix stock code for MediGene)

By Patricia Uhlig, Frank Siebelt and Patricia Gugau

FRANKFURT, Aug 8 (Reuters) - MediGene's (MDGGn.DE: Quote, Profile, Research, Stock Buzz) pancreatic cancer drug Endotag has also drawn interests from Eli Lilly (LLY.N: Quote, Profile, Research, Stock Buzz) and Roche (ROG.VX: Quote, Profile, Research, Stock Buzz) for in-licensing, joining rival Pfizer (PFE.N: Quote, Profile, Research, Stock Buzz), sources familiar with the matter said.

In-licensing refers to obtaining a licence to sell another company's drug.

"The three companies are seriously interested. The process is running," one of the sources told Reuters on Friday. In May, Reuters reported that Pfizer was exploring acquisition possibilities of MediGene and was interested in Endotag.

Another source added that Pfizer was still considering a full takeover of MediGene.

Separately, a third source said final analysis of a Phase II study of Endotag, which is expected in the last quarter of the year, will be crucial for any in-licensing deal.

MediGene, which viewed Endotag as a potential blockbuster, declined to comment. Eli Lilly, Pfizer and Roche were not immediately available for comment.

MediGene shares rose 8.6 percent to 5.45 euros at 1438 GMT after the news on Friday, valuing the group -- which specialises in cancer treatment -- at around 185 million euros ($281 million).

Medigene is the only German biotech firm with two products on the market -- prostrate cancer drug Eligard and genital warts treatment Veregen.

Overall Medigene sees sales potential for drugs in clinical development at over 3 billion euros. This comes on top of peak annual sales of more than 100 million euros for Eligard and over 150 million euros for Veregen.

 

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