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Merrill puts Angiotech at buy
Angiotech Pharmaceuticals, Inc. was rated by Merrill Lynch analyst Hari Sambasivam at buy. Merrill's estimates for the quarter include revenues of $43 million, including $40 million of Taxus royalties based on $601 million DES sales. Total expenses are estimated at $26 million. The analyst doesn't expect any surprises as Taxus revenues are based on sales of the Taxus stent in the third quarter of 2005 by its partner, Boston Scientific. Angiotech announced that a U.K. court ruled that the company's '376 patent is invalid, citing prior art. The company plans to appeal. Merrill does not believe the court ruling will have any impact on the agreement between Angiotech and Boston Scientific. Shares of the Vancouver, B.C., pharmaceutical company were down 6 cents, or 0.38%, at $15.92 on volume of 1,449,694 shares versus the three-month running average of 625,458 shares. (Nasdaq: ANPI)
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