The selloff of regn 3/31/03 over a SEC document over novarits??
Sad but true. From 20 to 6.5 in a day. Maybe there accounting was off. lol
roiresearch • Mar 31, 2003 9:45 AM Flag
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Regeneron and Novartis Form Strategic Collaboration to Develop and Commercialize the IL-1 Trap in Rheumatoid Arthritis and Other Indications
Novartis to Pay Regeneron $27 Million and Will Make $48 Million Equity Investment in Regeneron
Novartis to Provide 100% Funding for Clinical Development and Provide Manufacturing Facility for Commercial Product Needs
Companies Will Have Co-promotion Rights and Will Share Profits Equally in Europe and North America
Companies May Broaden the Collaboration to Additional Pre-clinical or Early Development IL-1 Antagonists
Tarrytown, NY � March 28, 2003 � Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN) announced today that it has signed a development and commercialization agreement with Novartis AG covering Regeneron�s IL-1 Trap, a novel therapeutic candidate that blocks the activity of Interleukin-1 (IL-1). The IL-1 Trap is currently in Phase II clinical development for the treatment of rheumatoid arthritis.
This news made Regenron (regn) drop 70% with a few days back in the end of March of 2003. Days later it recovered most of its value but the was very tumultuous. It would take time to arrive at the present day value of $348.00
Nice find. I believe mnkd's pps has been slammed down to give the big guys the opportunity to get in at a bargain basement price and shorts the opportunity to cover with impugnity. I can't prove it but I believe it.