Millipore (MIL) - UBS notes that Friday Genentech (DNA) announced that the FDA had granted an accelerated approval of Avastin for the treatment of front-line advanced breast cancer. The firm says that sales of filtration and chromatography products used in Avastin biomanufacturing have been a key growth driver of MIL's Bioprocess division. They note that Avastin was already used off-label for this new indication. As such, the firm forecasts that the conditional approval could lead to incremental sales of ~$150 mln for DNA in '08 and ~$270 mln in '09. While it remains to be seen if this approval will spur a significant near-term increase in Avastin production, they say MIL shares could move up ~5% on the news.
Monday, February 25, 2008
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