What’s the biggest event of the year for biotech and big pharma? It’s ASCO. The American Society of Clinical Oncology kicks off its annual meeting Friday night in Chicago. Drug companies ranging from Pfizer (PFE) to Dendreon (DNDN) will present new research – and that research that could indicate whether their drugs are blockbusters or duds.
How closely is Wall Street listening? Two weeks ago, research leaked in advance of the meeting caused shares of ImClone (IMCL) to tumble. The reason: negative news about its flagship cancer medication, Erbitux.
CNBC Pharmaceuticals Reporter Mike Huckman joins the guys for this conversation.
Mike says big data comes out over the week-end and he will be looking for news from Bristol Myers Squibb (BMY), GlaxoSmithKline (GSK), Novartis (NVS) and Eli Lilly (LLY). All will have major data on cancer drugs, he explains.
Do you have any sense which of those names are likely to release market moving information?
BMY says Huckman. New data on their leukemia drug could allow it to be used in a different setting and they have a breast cancer drug that’s in development which could have positive new data.
