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What Actelion's investors want

Disappointing preliminary data from Actelion Ltd.'s Phase III CONSCIOUS-1 trial of clazosentan might re-open a debate on whether the European bellwether needs to fill its mid- to late-stage pipeline gap through in-licensing or M&A. But while investors may want to see the company do a better job of executing on its later stage compounds, they aren't clamoring for ATLN to rush out and pay inflated prices for pipeline stuffers.

Both the company and investors agree that Tracleer bosentan for pulmonary arterial hypertension should continue to generate revenue and profit growth. As such, although a good product deal would be desirable, neither the company nor investors think in-licensing or M&A is a necessity.

Last week, shares of Actelion (SWX:ATLN, Allschwil, Switzerland) lost CHF17.20 to CHF120 after the company reported that clazosentan demonstrated no overall clinical benefit even though the compound met the primary endpoint of preventing cerebral vasospasm after subarachnoid arterial hemorrhage

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