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December 18, 2004
Tarceva takes on Iressa and wins
Posted by Dominic Basulto
Shares of Long Island-based OSI Pharmaceuticals spiked by nearly 50% in early Friday trading on news that Iressa, a rival lung cancer drug from AstraZeneca, did not prolong patients' lives in a late-stage trial. As described earlier ("What happened to Long Island's biotech superstar?"), OSI Pharmaceuticals has been the subject of intense Wall Street speculation after receiving FDA approval for its Tarceva cancer drug in mid-November. Until the AstraZeneca announcement, many analysts had been skeptical that Tarceva would perform better than Iressa. Shares of OSI are now trading around the $70 mark.
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