So, I thought I'd be spending today monitoring the webcast of the FDA Advisory Committees that are meeting to decide whether doctors should use less of the anemia drugs from Amgen and Johnson & Johnson to treat kidney dialysis patients. And while I will stay on top of it for the vote later today, my hands are suddenly full with a flurry of breaking news items in biotech.
ImClone Systems: The stock hit a new intra-day high on results of a large, late-stage clinical trial showing lung cancer patients lived longer. The actual duration of the survival benefit will be unveiled at a future scientific conference (a venue where investors and doctors believe gives the data a certain level of street cred), but that isn't stopping investors from buying into the news. If the data are robust they could hurt sales of Genentech's lung cancer drugs Avastin and Tarceva which it shares with OSI Pharmaceuticals. ImClone shares Erbitux with Bristol-Myers Squib.