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Lemtrada letdown

Genzyme CVR slides as alemtuzumab underwhelms in first Phase III trial in MS

Genzyme Corp.'s contingent value right (NASDAQ:GCVRZ) was off $0.37 (15%) to $2.17 on Monday and was off 17% on the week as investors expressed their disappointment with topline Phase III results for Lemtrada alemtuzumab to treat relapsing-remitting multiple sclerosis. The data did not live up to Phase II data that Genzyme had used to argue it was being undervalued by Sanofi (Euronext:SAN; NYSE:SNY) during last year's protracted acquisition discussions.

The CVR is worth up to $14 based on milestones through 2020, which include $1 for FDA approval of Lemtrada for MS and up

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