February 3, 2009 7:29 PM
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Lilly CEO Lechleiter's Prasugrel Bet Appears to Pay Off
(MoneyWatch) A few months ago, BNET suggested that Eli Lilly's acquisition of ImClone was a hedge to give the company new revenue sources in the event that its application for blood thinner prasugrel was turned down by the FDA.
An FDA panel today voted 9-0 to approve the drug, just not in patients with a history of stroke and those who are undergoing open-heart surgery. The FDA typically follows such recommendations. It's not as good a label as BMS's Plavix, but ...
... it still means that CEO John Lechleiter's bet appears to be paying off big-time. The company has gone from not having a new drug approved in three years to having a potential blockbuster on the way and a whole new cancer pipeline to enjoy.
An FDA panel today voted 9-0 to approve the drug, just not in patients with a history of stroke and those who are undergoing open-heart surgery. The FDA typically follows such recommendations. It's not as good a label as BMS's Plavix, but ...
... it still means that CEO John Lechleiter's bet appears to be paying off big-time. The company has gone from not having a new drug approved in three years to having a potential blockbuster on the way and a whole new cancer pipeline to enjoy.
- See BNET's previous coverage of Eli Lilly and prasugrel:
- Odds Improve for Lilly's Prasugrel-ImClone Gamble
- In Light of Prasugrel Delay, Lilly-ImClone Deal Suddenly Makes Sense
- A Lilly-ImClone Deal May Offer the Drama that CEO Lechleiter Craves
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