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ILEX Oncology, Inc. (ILXO) Message Board

  • paranoidfreud paranoidfreud Jun 14, 1999 11:46 AM Flag

    ILXO on Bloomberg TV

    Rx Headlines on Bloomberg TV covered ILXO today. A synopsis of the story is linked to the Bloomberg Television Specials page at http://www.pharmacognizance.com

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    • sees - reference JGarush's comments two months ago: "...the market still likes a diluted ILEX." See post below.

    • I ain't proud! As long as it gets done and gets
      done RIGHT, I don't care who does it!

      Anyway,
      I'm sorry to hear that side of the story (be it true
      or otherwise) since I believe it's in everyone's
      best interest to cooperate and do the best they
      can.

      However, if I'm reading you correctly, what I heard you
      say was: your source feels like ILEX did the best
      that they could and it still wasn't good enough for
      LKST. I don't know why, under the auspices of a 50-50
      JV, LKST was the one chosen to rule when such
      differences could not be worked out but I guess it was either
      pick someone or else risk that nothing would get
      done...

      Like you said though, the work progresses and it WILL
      get done and it WILL be up to snuff for the FDA's
      standards and that, my friend, is the beginning of
      something you can take to the bank!

    • While I agree with Steely of the Dan, about
      delayed BLA
      filings being better than rejected ones,
      it is clear that
      it isn't ILXO who is delaying
      the filing. It is LKST.

      LKST are doing this
      because they aren't satisfied with the
      quality - or
      quantity - of work done by ILXO on this
      project. They
      do not seem to be able to agree on how to
      do
      things so that LKST is doing almost all of the
      work.

      On the high side, the work progresses and it will
      meet with
      approval. Take that as you will. This
      report is based on
      info that is about 6 weeks old and
      third hand. Youse gets
      whats you pay for, as long as
      you reads its for free.

    • Steely:

      I meant the rights to sell/market
      - as in the IDEC or Coulter deals. Looks like
      Schering didn't allow it.

      I suspect they will
      promote as labeled or as a sequential combo with Fludara.
      But not as a single agent front line.

      I
      assumed Fludara is moving towards generic status because
      the composition patent expires Nov. of this year.
      There may be extensions or other patents that increase
      its life.

      Here's the best I could find on the
      BTG agreement (not much). Actual royalty % was
      removed. My guess would be around 5-10%.


      Payments:

      2.1. The Licensee shall pay to BTG: -
      2.1.1
      immediately upon the signing of this Agreement the sum of
      twenty-five thousand dollars ($25,000); and
      2.1.2
      twenty-five thousand dollars ($25,000) on the first
      anniversary of the Effective Date; and
      2.1.3 twenty-five
      thousand dollars ($25,000) on the second anniversary of
      the Effective Date; and
      2.1.4 fifty thousand
      dollars ($50,000) on each subsequent
      anniversary of
      the Effective Date which is prior to the
      Launch
      Date; and
      2.1.5 one hundred thousand dollars
      ($100,000) on the earlier of:
      2.1.5.1 the date falling
      four years and six months after
      the Effective Date,
      and
      2.1.5.2 the date on which the Licensee or any
      sub-licensee
      (or any third party on behalf of the Licensee or
      any
      sub-licensee) files its first application for
      Regulatory
      Approval in a Major Territory; and
      2.1.6 the royalties
      specified in Clause 6;
      2.1.7 the share of downpayments
      specified in Clause 7.
      2.2. THE sums referred to in
      sub-clause 2.1 shall not be refundable.

      6.3 IF, in
      transactions where a non-Group sub-licensee is making the
      Chargeable Transaction and that sub-licensee is (in addition
      to the sub-licence) licensed by the Licensee under
      intellectual property rights and Know-how relating to
      Product
      which are owned by the Licensee and are of a
      non-trivial nature theninstead of the royalty under 10.1
      above the Licensee shall pay BTG the higher of:
      -
      6.3.1 * on the Net Selling Price; and
      6.3.2 * of the
      royalty received by the Licensee from the
      sub-licensee
      for the transaction.
      6.4 ROYALTY shall be payable
      in each country for a period of twenty years from
      the Effective Date. Thereafter royalty shall only be
      payable in respect of Products (the subject of
      Chargeable
      Transactions) which are such by reference to 1.1.33.1 of
      the
      definition "Product" but not 1.1.33.2 or 1.1.33.3.
      6.5
      ROYALTY shall only be payable once in respect of the same
      Product.
      6.6 THE License shall at the request of BTG provide
      half-yearly
      forecasts of the amount of royalties likely to be payable
      under this Agreement but whilst such forecasts (or the
      like) may be adopted and utilized by BTG for the
      purposes of Clause 16.5 the Licensee shall not be liable
      in damages to BTG for any inaccuracies in such
      forecasts.

    • Press release verbiage:

      "In the United
      States, Berlex, LeukoSite and ILEX will share in the
      profits from the sale of CAMPATH�. On sales made in the
      rest of the territory, Schering AG will pay royalties
      equivalent to the rate of profit sharing expected in the
      U.S."

      There is no difference in the split. It will be a 33
      1/3% division both in the U.S. and Europe - the
      difference being, in the U.S. it will include Berlex and in
      Europe it will include Schering AG. (Note: BTG will also
      share in some small way, but I do not know the extent
      of their participation in the deal.)

      Because
      of the way things are calculated and the way
      business is generally conducted abroad, the mechanism of
      "royalties" will be employed versus "profit sharing." The
      bottom line is - they are identical in their end result
      as far as the divvying up of the money is
      concerned.

      I'm not sure what you're referring to when you say
      "co-promotion rights" but the L&I partnership will not be doing
      any of the marketing or selling of the drug in the
      U.S. or Europe, as I understand the deal. That will be
      the responsibility of Berlex and Schering AG,
      respectively. With Fludara� nearing generic status (I'm
      counting on the accuracy of your earlier comments), we
      should assume that they will promote CAMPATH with vigor
      and high enthusiasm...

    • Anybody know if ILXO or LKST has co-promotion rights under the Schering deal? If not, why the profit split in US vs royalty in EU?

    • right the first time since, as I understand things, it would be highly beneficial for promoting the contract-services part of the company and for bringing in other product-partners like LKST.

    • I'm just now sifting through all the emails I
      received during my absence and found the quick reply from
      the KWL I had requested.

      Here is their
      reply:

      -----Original Message-----
      From:
      lfishbein@kiplinger.com
      Sent: Tuesday, August 10, 1999 10:28 AM

      Subject:
      Kiplinger OnLine Comment

      The Kiplinger Washington
      Letter is circulated to approximately 275,000
      subscribers every week.

    • ILEX Oncology Inc. Cut to `Buy' at Kercheville &
      Co.

      Princeton, New Jersey, Aug. 4 (Bloomberg
      Data) -- ILEX Oncology Inc. (ILXO US) was downgraded to
      ``buy'' from ``strong buy'' by analyst Jeff S. Dabbs at
      Kercheville & Company.

      Phantom - Even Cowen expects
      to hear on Thursday.

      Thursday, August
      12th:
      ILEX Oncology (rated 3 - neutral) - Q2 results
      ILXO
      will report Q2 results today. We expect to receive an
      update on the company's $20MM July acquisition of
      Convergence Pharmaceuticals, a leader in angiogenesis
      inhibition, and potential Campath partnering
      arrangements.

      Berlex & Schering it is.

    • When are they gonna come out with it??? Everyone
      knows who it's going to be! Geez, thestreet.com has
      even come out and said who they think it's going to
      be, and it's in consensus with the rest of the board.
      Man, just say it guys! Get too greedy about getting
      the deal "just right" and they're gonna bail, then
      ILXO'll be stuck with a big pharma partner who'll want a
      much bigger slice of the pie!

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