* Halozyme patents valid through at least 2024By Deena BeasleyOct 18 (Reuters) - Halozyme Therapeutics , which
specializes in reformulating drug products available only as
infusions, said a pivotal trial of subcutaneous Herceptin, the
cancer drug sold by Roche , met its goals.The under-the-skin injections offer a faster, more
convenient way to administer the drug, according to Halozyme
Chief Executive Officer Gregory Frost. Herceptin had 2010
global sales of $6.8 billion.In addition, Halozyme’s enzyme technology is patented
globally until 2024, with formulation patents extending beyond
that, he said.The Phase 3 Roche trial, involving patients with a specific
type of breast cancer, showed that women receiving the
subcutaneous injection responded to the drug as well as women
treated with intravenous Herceptin, Halozyme said on Monday.No new safety signals were observed, with the most common
side effects being infections and anemia, the company said.Frost said Roche plans to file next year for European
regulatory approval of subcutaneous ready-to-use Herceptin,
which takes about five minutes to administer, compared with at
least 30 minutes for the intravenous infusion.Halozyme said the new formulation may also reduce pharmacy
time since no preparation is needed.Roche is expected to present full details of the trial at
an upcoming medical conference.Halozyme said it is “comfortable” with Wall Street
estimates of a mid-single-digit royalty from Roche on sales of
subcutaneous Herceptin. It also earns milestone payments from
the development deal.Roche is also conducting pivotal trials of subcutaneous
Halozyme-engineered Rituxan, also known as MabThera, in
patients with non-Hodgkin’s lymphoma and chronic lymphocytic
leukemia.Both Herceptin and Rituxan are monoclonal antibodies that
require such large-volume doses that they cannot currently be
given subcutaneously.
By Nick BrownOct 11 (Reuters) - Lehman Brothers Holdings Inc
accused JPMorgan Chase , its former banker, of mishandling
the sale of more than $27 billion worth of securities as Lehman
was collapsing in 2008.Lehman, in court papers made public on Tuesday, lobbed
myriad allegations at the bank as part of the companies’
ongoing dispute in Lehman’s bankruptcy proceeding.Lehman painted an unflattering picture of JPMorgan’s methods
for selling certain securities held as collateral for facilitating
repurchase deals for Lehman’s U.S. brokerage, Lehman Brothers Inc
(LBI).A spokesman for JPMorgan declined to comment. A lawyer for the
bank did not return a call seeking comment.In court documents filed in U.S. Bankruptcy Court in
Manhattan, Lehman said JPMorgan traders made improper profits
on the sales by “flipping” securities — selling them to
themselves at low prices and reselling to third parties at
higher prices, Lehman said.Lehman is hoping to avoid or reduce a $6.3 billion claim from
JPMorgan related to the securities.JPMorgan demanded roughly that sum from Lehman to help cover
$25 billion in losses it incurred through its role in the LBI
repurchase deals, saying the securities alone did not generate
enough cash to make it whole.But Lehman said the securities had a market value of more than
$27 billion, and would have covered JPMorgan’s losses if not for
JPMorgan’s improper sale process.”Perhaps because JPMorgan believed it could look to the
extra LBHI collateral it held as a ‘cushion,’ JPMorgan rushed
to liquidate the LBI collateral without any procedures to
ensure it was sold at a fair market price,” Lehman said in the
filing.Lehman, in the court papers, said JPMorgan dubbed the
liquidation process “Project Tassimo” in honor of one JPMorgan
employee’s coffee maker. The project was assigned to JPMorgan’s
“Special Situations Group,” whose members had little to no actual
experience liquidating collateral, Lehman said.The bank incentivized employees to make quick deals on the
securities rather than good ones by refusing to compensate its
traders, Lehman said. At the same time, it failed to
effectively regulate traders who sought their own profits by
flipping securities, Lehman said.JPMorgan also did not set a formal floor for prices, saying
only that bidders who offered a “fraction of a cent” should not
be considered, according to Lehman’s argument.Details of the filing had been redacted when it was first
filed in August. The parties disagreed about whether the
information should be made public, with Lehman filing a motion to
unseal.JPMorgan never responded to the motion. Lehman filed its
unredacted motion on Tuesday.The Lehman bankruptcy is In re Lehman Brothers Holdings
Inc, in the same court, No. 08-13555.
