Millennium says molecular therapy for multiple myeloma halts disease

Millennium Pharmaceuticals' LDP-341, a candidate drug for multiplemyeloma that is also the firm's most-advanced pipeline project, has shown promising activity in a Phase II study reported at the American Society of Hematology meeting in Orlando, Florida. The results showed that LDP-341 (formerly known as PS-341) halted the progression of multiple myeloma in almost all study participants, while it also reduced a marker for the disease, known as paraprotein or M protein, in a significant number of patients.

The positive results for LDP-341 follow a period of significant new events at Millennium, including the announcement earlier this month that it had started trials of an obesity drug in collaboration with partner Abbott Laboratories (Marketletter December 10) and, more notably, a $2 billion stock acquisition of COR Therapeutics (see page 3). If it wins through to the market, LDP-341 could represent the first new treatment for multiple myeloma in the last 30 years.

Millennium's share price, riding high in the wake of the COR acquisition announcement, dipped 1% on the day of the LDP-341 news (December 10) to $28.85, but rebounded the following day with a 3% rise to $29.10 in early trading, helped by an upgrade from hold to buy from Ladenburg Thalman, which has a $34 price target on the stock. Deutsche Banc Alex Brown is also positive on the prospects for LDP-341, which it believes could achieve sales of $150 million in 2004 and $300 million in 2005. LDP-341 recently entered multiple Phase II clinical trials for the treatment of chronic lymphocytic leukemia and a variety of solid tumors.