Pyramidal markets

Judging by the market's reaction to Isis Pharmaceuticals Inc. partnering of its cholesterol-lowering antisense molecule with Genzyme Corp. last week, investors may have been hoping for a partner with a major cardiovascular franchise. But mipomersen may actually be a better fit with Genzyme, which has made an art of selling high-priced drugs for targeted populations.

James Geraghty, SVP of Genzyme's cardiovascular business unit, said the company looks for compounds that serve unmet needs and have a high value over current standard care. "We also prefer to target specialist physician populations. These two criteria typically go hand-in-hand," he said...