FUNDVIEW-Mid-cap pharma attractive as patent wells run dry

jueves 13 de agosto de 2009 12:49 CEST

* Big Pharma seen targeting mid-cap cos with proven drugs

* Alcon, Allergan, Shire likely targets

* Pharma services cos to gain from generics cycle

* Not enough clarity for small-cap bets

By Jennifer Robin Raj

BANGALORE, Aug 13 (Reuters) - As big pharmaceutical companies seek replacements for blockbuster drugs that lose their patents in 2011 and 2012, investing in mid-tier companies with proven products could be a good bet, the manager of a healthcare-focused fund said.

Earlier acquisitions of one large drugmaker by another have succeeded in cutting costs but have sometimes led to reductions in productivity of research and development, said Derek Taner, lead portfolio manager of AIM Global Health Care Fund GGHCX.O.

"What they appear to be doing now is targeting smaller companies that are big enough to move the needle but not big enough to disrupt any sort of corporate culture, or things that are incremental or additive on the R&D side," he said.

"The companies that fit that profile, that are innovative, have good platforms and products that will fill that 2011, 2012 patent hole, would include companies like Alcon ACL.N, Shire (SHP.L: Cotización) and Allergan (AGN.N: Cotización)."   Continuación...