Pfizer Needs Isis More Than Isis Needs Pfizer

In January of 2007, shortly after Isis (ISIS) announced its multibillion dollar, collaboration with Genzyme (GENZ), I chided an executive of Pfizer (PFE), asking how they could let rival Genzyme outbid them for the rights to Mipomersen. He (correctly) pointed out that the mode of delivery was the key factor in their decision. Mipomersen is initially slated to be given by injection (albeit weekly) for Homozygous Familial Hypercholesterolemia, although an oral formulation will probably be available for the larger 1.5 to 2 million heterogeneous and poorly controlled hyperlipidemic patient population.

This reluctance on Pfizer’s part was understandable in light of the disastrous multibillion dollar loss with “the sure thing,” Nektar’s (NKTR) inhaled insulin product, that nobody wanted to buy. This fiasco was unfolding while Pfizer and 10 other pharmaceutical companies were engaged in a bidding war to acquire the rights to Mipomersen.