Pharma Industry
Industry: Email Alert RSS FeedSchering-Plough, Merck score big. (Life Sciences).(receives FDA approval for cholesterol drug, Zetia)
Chemical Market Reporter, November, 2002 by Krause, Carey
THE $19 BILLION cholesterol market has been jolted by Food and Drug Administration (FDA) approval of Zetia (ezetimibe), the first new class of drug behind a 15-year reign by statins. The development is good news for Schering-Plough Corp. (SHP) and Merck & Co. Inc., which will market the drug through the joint venture Merck/Schering-Plough Pharmaceuticals. The two companies will share the profits evenly.
The October 25 announcement sent shares of SHP up 11 percent to close at $21.13 on Monday of last week. Shares of Merck rose 7 percent to $54.23. Analysts maintain earnings per share (EPS) estimates for 2003 and beyond.
The FDA approved Zetia for use as a monotherapy or in combination with statins to treat hypercholesterolemia. In four...
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