RPT Bayer drops plans for 500 mcg Betaferon approval, writes off assets UPDATE |
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Mon, 29 Oct 2007 11:35
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(repeats to remove extraneous material from last paragraph)LEVERKUSEN, Germany (Thomson Financial) - Bayer AG said it has shelved plans to seek approval for administering its Betaferon multiple sclerosis (MS) injection in a 500 microgram dose after a study failed to show benefits over the standard 250 microgram dosage.The German drug maker will write off 152 mln eur in immaterial assets it booked for future revenue from the new dosage as part of the takeover of Betaferon owner Schering AG, Bayer said in a statement.The impairment will be deducted from third-quarter earnings, it added.Still, Bayer left its sales growth target for Betaferon, known as Betaseron in the US, for this year and 2008 unchanged at 7 to 9 pct, according to the statement.The study, which tested both doses of Betaferon against each other and also against Teva Pharmaceutical Industries Ltd's Copaxone, showed there was a 'similar' risk of an MS relapse across all three patient groups, Bayer said.ludwig.burger@thomson.comlb/mas/slj/lb/mas/sal/mas/salCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Bayer drops plans for 500 mcg Betaferon approval, writes off assets - UPDATE 