Genentech Upside Confirmed after FDA Avastin decision

As anticipated by Biobusinessblog.com on January 1 (Genentech: Biotech Stock of 2008) and February 10 ( will the FDA approve Avastin for Breast Cancer), the FDA has put Genentech and Roche’s Avastin on accelerated approval track pending the results of breast cancer study RIBBON 1 later this year confirming the favorable data of AVADO already shared with the agency. It is anticipated that the FDA will focus on Progression Free Survival with a positive trend for Overall Survival.

The Breast Cancer labelling has the potential to add $2-3 billion to the yearly sales of Avastin. Genentech (NYSE:DNA) closed at $71.60 on Friday, gaining $ 5.80 in after hour trading to $ 77.40. We expect that DNA will move rapidly over       $ 80 a share supported the Breast Cancer indication for Avastin and future upside with Avastin in Colon Cancer and Rituxan in Lupus and Multiple Sclerosis.