What a famous (and funny) quote by Amy Ryan of BIIB.
You have to admit, the timing of the insider stock sales and the fact that the PML issue was only seen in combo however they pulled T totally is a little fishy. We didn't see any Elan insider sales , did we?
Whether you think, with the benefit of hindsight, that the FDA should have prevented the trial or not is irrelevant.
The fact is that the FDA saw nothing wrong with the trial, because there was nothing out of the ordinary about it.
And neither were YOU here crying "bloody murder" until AFTER the PML cases were announced to the world.
You claim humanitarian concerns, but you're really just complaining about making the wrong stock market bet.
>>There is also a place for bull
I invite you to take a trip over to the Microsoft board where 99 out of 100 posts are from anti-microsoft conspiracy junkies and linux promoters. it is a big world out there...get used to the mud slinging....in the case of biogen and elan....it has just begun......the hospital may be the place for ethics...but message boards are the place for enuendo and lies to make money.
<There is a place for ethics, but no longer a place for double-dealing, insider-trading management teams that we have seen at work here.>
There is also a place for bull
From the BIIB board from a strong sell for BIIB and pro ELN--this exchange
"There isn't the slightest thing wrong with recommending combination therapy to doctors who are not ready to embrace monotherapy with a brand-new, narrowly-tested drug"
That is total Bull Shxx. Tysabri was a toal new class of medicine; first ever SAM drug(selective adhesion molecule). You never introduce a new, complex biological product that impacts the immune system as combo therapy for this very reason. The only reasonable path was to establish Tysabri for at least 18 months as mono so that it's safety profile is known --just like Avonex benited from with the combo. Then bring on combo. This was and is sheer greed and very poor judgement by Biogen and the dopes at ELN let them get away with it. This is just short of criminal irresponsibility to patients and shareholders. Name one other first-in-class bio drug that works alone that started its life as combo-therapy at launch! This was just bad business, poor science and the worst possible form of greed at the cost of the very people management is paid to serve. Biogen has almost destroyed this drug for pateints and almost crushed their partner in the process; nothing but GREED here! The FDA should have stopped this at the front end by just asking them to stagger the combo trials with approval after mono; there would have never been all this blood in the street.
Face the facts! Trut hurts sometimes and this is one of those times. I would never own Biogen stock again and Elan should make every effort to get the hell away from these stupid fools that but their personal wealth before patients, good science or shareholders. There is a place for ethics, but no longer a place for double-dealing, insider-trading management teams that we have seen at work here.
"Although you did leave out the part where Biogen's marketing infected two people with PML, where mono therapy would not have."
If safety of drugs were known beforehand, there would be no point whatsoever of "human trials." The view that BIIB's choice to pursue the combo trial was a conscious decision to peddle death, if that is what you are saying, needs better evidence than you offer.
Excellent post Noluckyduck. The worst and most insulting part about it is, after they badly stuck it to Elan ("and the dopes at ELN let them get away with it") once, with this $$combination testing$$ in the first place, they THEN decided to throw Tysabri and Elan (and Elan SOMEHOW allowed it AGAIN) shareholders under the bus when something went wrong with this same combination testing, with absolutely no proof of a link of any kind to Tysabri monotherapy. They added insult to injury when they pulled this preposterous move, that resulted in a 70% drop in Elan's share price, in one day. DOUBLE WHAMMY! Despicable. First the combination testing that never should have happened, then the act of blaming it on Tysabri, with absolutely no basis whatsoever.
This was an EXTREMELY negligent and gross injustice to Elan shareholders, from beginning to end.
I agree with almost all of your post, except for "This is just short of criminal irresponsibility to patients and shareholders.".
I'm not sure if it is "just short" at all. It doesn't get much worse than this, does it? This is a sickening and glaring absence of fiduciary duty from management to it's shareholders. The conflict of interests and subsequent illogical and precipitous actions taken, senselessly devastated many shareholders. Elan never ever should have even contemplated allowing such a thing to happen! It was absurd. They never should have went for the combination testing, and they DEFINITELY should not have allowed Tysabri to be blamed, based on nothing. I hope after a thorough investigation, we get to know some more facts, which will shed a little more light on this debacle. All they are telling us now, sixteen days after "voluntarily suspending" Tysabri, is that Tysabri is "very safe" and works very well. No kidding? THEN WHY DID YOU PULL IT?!?!? There was nothing new discovered in the last couple weeks, that wasn't known well before February 28th, after years of testing on thousands of patients.
A good recap, thanks.
Although you did leave out the part where Biogen's marketing infected two people with PML, where mono therapy would not have.
With T no longer able to carry Avonex, BIIB is a short. Unless BIIB can somehow destroy T's reputation (which is both possible and totally in BIIB's best interest).
That little tantrum was kind of sad.
The fact is that there was no need for combo therapy -- the only reason for combo trial was to preserve the Avonex business.
Hey I understand that. Now, Avonex will compete with Tysabri for mono therapy patients. How many new patients do you think will choose Avonex? How many existing patients do you think will choose to stay with Avonex.
Combo trials are done, T's return is good Elan, baaaaad for Biogen.