Centocor Still Looking For Avakine Deal
Centocor has said that negotiations for an international distributionagreement for its anti-tumor necrosis factor antibody Avakine (infliximab; Marketletter October 20) will carry on into 1998. The company had hoped to complete a deal before the end of 1997 to market Avakine, a monoclonal antibody, outside the USA for Crohn's disease and rheumatoid arthritis.
Earnings To Fall David Holveck, chief executive, said the company was disappointed with the failure to complete a deal and noted that without the benefit of an upfront payment in the fourth quarter, earnings for 1997 will fall short of the previous estimate of $0.50 per share. Centocor is currently finalizing its Biologic License Application for Avakine, and expects to file with the US Food and Drug Administration before year-end and for European approval in early 1998.
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