Seattle Genetics boards getting nasty too..

Discussion in 'Allos Therapeutics' started by Anonymous, Jul 17, 2011 at 12:26 PM.

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  1. Anonymous

    Anonymous Guest

    as expected the grass is never greener. This perceptive post was on the SGEN board yesterday.... I wonder how many of the SGEN reps/CADS will be sorry they caved and weant to become "millionaires"????

    Re: Seattle Genetics
    Quote:
    Originally Posted by Anonymous
    Broad indication is out the window. Only Hodgkins patients who failed chemo and transplant/ALCL who have relapsed.
    ODAC....While a faster approval would get Adcetris on the market sooner and reduce Seattle Genetics' expenses, analysts said the panel did not appear confident that the company's current late-stage study will be enough to prove the drug works.
    Narrow indication, outrageous price and misc j-code. Good luck to all.
     

  2. Anonymous

    Anonymous Guest

    Sounds very familiar to Folotyn. Minus the toxicity!
     
  3. Anonymous

    Anonymous Guest

    Going from the fire to the frying pan? At least they have a product that have a potential and trusting leadership. PB and croneys are just untrustworthy. Bad situation, we all can dig in and work it out. But bad leadership causes distrust and destroys teamwork and eventually dismantles the company.
     
  4. Anonymous

    Anonymous Guest

    This.
     
  5. Anonymous

    Anonymous Guest

    Boy - this is a real head scratcher - I wonder who wrote this???? I have it down to two guys - how about you?
     
  6. Anonymous

    Anonymous Guest

    Fred and Barney ???
     
  7. Anonymous

    Anonymous Guest

    Allos
     
  8. Anonymous

    Anonymous Guest

    They started a new thread to avoid this from the prior thread:

    Paul wants to keep the bad news hidden to keep his job another day or two. He just loves going to NJ to spend company money. Why does he need two offices for doing nothing? He should hide in the hold.................

    Just looking at current & prior posts. Does the CEO not live in New Jersey? CEO's wear their jobs like their suit. If your CEO lives and works from home, someone has to consider that he isn't as committed as you might believe.

    Second, these posts about your board are wishful thinking. The board is not independent. They were picked by those who funded and run the company. They certainly have shown no evidence of being active in any way, so they either are content to take their quarterly checks and hang out at the club, or understand that the company missed its window of opportunity for being sold, by having a poorly planned and executed clinical plan, followed by a poorly planned and executed sales launch plan.

    This now leaves Allos 1yr + post launch with a truly "orphaned" drug, without momentum, bleeding sales reps and internal staff, and facing strong competition from companies with strong sales and executive management plus a drug with data. It is most plausible that the board sees the company similar to a person riding their jackass further into the desert without supplies. They recognize the fate has already been determined and are content to take their loses and watch the company die a slow painful death.

    Wouldn't this make a great segment of the TV show Undercover Boss. Can you imagine your CEO or this Alan guy going disguised and undercover, working with others in the company. You probably have a couple of managers that are still drinking the kool aide (not very bright), but the rest would be really entertaining. Especially the last segment where the CEO gets together with internal staff to make corrections and then meets with those he worked with in disguise. I am sure, from the posts here, he would fire them all. Just too arrogant to listen, apparently, not realizing that others at "lessor" jobs could be as bright or brighter than he, but have elected to take a different career path for another reason such as taking care of their family. You hire great people, then ignore them. This is what it gets you. A jackass riding a jackass into oblivion....................

    Thank You, anonymous poster, for an intelligent spot on post.
     
  9. Anonymous

    Anonymous Guest

    Not sure the SGEN story is all that.....not defended PB the nutjob

    Hey....my Merrill research put this out on Friday. Not sure SGEN is going to be the next best thing for our friends who left. read below...i copied the research report.

    Panel supports approval, BUT

    Panel votes for Adcetris, despite SGEN's poor showing
    The FDA advisory committee voted unanimously in favor of accelerated approval
    for SGEN's drug Adcetris for two rare lymphomas, including post transplant
    Hodgkin's lymphoma (HL) and anaplastic large cell lymphoma (ALCL). While this
    news is positive and as expected, and was driven by the fact that Adcetris is a
    "wildly active" drug, there were an unexpected series of disappointing points
    coming out of the panel that negatively impacts management credibility in our
    view, and raises uncertainties over the timing of Adcetris approval, and the timing
    of Adcetris market expansion: (1) the FDA was adamant and the panel agreed
    that SGEN should have filed the marketing application under the accelerated
    review process; while SGEN had guided investors to expect accelerated approval,
    this approach created significant tension with the FDA, and led the FDA to state it
    would work with SGEN but withhold approval until proper confirmatory studies
    could be designed; (2) the FDA clearly stated its requirement that SGEN either
    redesign an ongoing study (AETHERA) and/or propose new clinical studies prior
    to the Aug 30 PDUFA date, implying timelines are lengthier to approve a second
    indication and expand Adcetris' initial market; (3) the FDA expressed a clear
    intention to approve Adcetris within the post transplant HL setting, a narrower
    label than the company had guided investors to expect. Despite SGEN
    management communicating high expectations for Adcetris labeling, the company
    failed at the advisory meeting to put forth a strong argument why the committee
    should grant a broad label and generally appeared unprepared to answer basic
    questions about Adcetris clinical data.
    No clear conclusion on design of next studies
    The FDA noted that as part of the accelerated approval statutes SGEN must
    negotiate with the FDA to come to a portfolio of trial designs that will confirm
    activity to satisfy accelerated approval statutes. To our surprise, the panel
    unanimously disagreed with the ongoing AETHERA trial design. On a positive
    note, the FDA was willing to accept one "robust" and "well designed" randomized
    clinical trial to support approval for Adcetris in both indications, and the FDA was
    willing to consider a trial in a separate CD30+ indication to support full approval.
    We expect SGEN to update investors on its FDA discussions by its Aug 30
    PDUFA date, but until then trial design will remain uncertain.
    Model implications
    We calculate the contribution of <$1 to our $22 PO in the likely event that
    transplant ineligible patients are pushed out to a later time (negative impact of
    $15M on 2012 and $40M on 2013 annual revenues in our model). A greater
    potential downside to our estimates and PO ($4/sh) would come if SGEN cannot
    get the FDA to agree to a redesign of the AETHERA study.
    Company Update BUY
    Equity | United States | Biotechnology
    14 July 2011
    Rachel McMinn +1 415 676 3519
    Research Analyst
    MLPF&S
    rachel.mcminn@baml.com
    Masha Chapman +1 415 676 3575
    Research Analyst
    MLPF&S
    masha.chapman@baml.com
    Jeremiah Shepard +1 415 676 3537
    Research Analyst
    MLPF&S
    jeremiah.shepard@baml.com
    Stock Data
    Price US$20.33
    Price Objective US$22.00
    Date Established 2-May-2011
    Investment Opinion C-1-9
    Volatility Risk HIGH
    BofAML Ticker / Exchange SGEN / NAS
    Bloomberg / Reuters SGEN US / SGEN.O
    W
    Seattle Genetics
    14 July 2011
    2
    Price objective basis & risk
    Seattle Genetics (SGEN)
    Our $22 PO is based on the sum-of-parts DCF analysis that includes $17/share
    for B-vedotin, $4/share for its ADC collaborations and $2/share for net cash. For
    B-vedotin, we model: 1) WACC of 11%, 2) peak sales $850M in 2020, 3) sales
    out to 2030 and no terminal value, 4) 5% dilution from potential future financing.
    We see upside to our valuation from: 1) positive interim data from the pilot frontline
    study in HL and clarity of the pivotal front line study design 2) positive data for
    maintenance HL setting 3) positive data to support retreatment with B-vedotin.
    Risks are: 1) regulatory risks ahead of approval and execution risks following the
    launch in the salvage settings 2) unexpected data disappointments for
    ongoing/anticipated B-vedotin trials and unexpected clinical strategy requirements
    for planned B-vedotin trials.
     
  10. Anonymous

    Anonymous Guest

    Re: Not sure the SGEN story is all that.....not defended PB the nutjob

    It may not be perfect but SGEN is already waaaaaaaaay better than Almost therapeutics. Allos is dying, patients do not tolerate folotyn, and despite efforts to dose reduce new starts are few and far between. Every CD30 + patient is going get receive Adcentis. Berns and his team have failed. They need to go.
     
  11. Anonymous

    Anonymous Guest

    We in the fire. Anywhere we jump is better where we are.