UPDATE 1-Schering offers tepid schizophrenia-pill support

(Adds details, quotes, byline)

By Ransdell Pierson

NEW YORK, March 18 (Reuters) - Schering-Plough (SGP.N) Chief Executive Fred Hassan on Tuesday expressed confidence in prospects for several company drugs in late stages of testing but offered tepid enthusiasm for its asenapine treatment for schizophrenia.

The schizophrenia drug and a medicine called sugammadex, used to reverse the effects of anesthesia, were obtained in the company's $14.5 billion purchase last year of Organon Biosciences.

Some analysts have questioned the value of asenapine because Pfizer Inc (PFE.N) once held rights to the medicine but relinquished them to Organon. Moreover, clinical trial data did not appear to give asenapine a clear lead over existing products.

Some analysts have speculated that asenapine, awaiting U.S. approval to market as a treatment for schizophrenia and mania associated with bipolar disorder, will garner peak annual sales well below $500 million -- far shy of blockbuster status.

"On balance, the package was considered fileable by the Food and Drug Administration and we are doing more to strengthen the package," Hassan said, referring to the clinical trial data on asenapine submitted to the FDA. Hassan was speaking to analysts and investors at the Lehman Brothers Healthcare Conference in Miami.

"We were very aware that Pfizer walked away from asenapine," Hassan said.

"We did see value here because this is an area of major unmet medical need," he added, noting that many schizophrenia patients cycle back and forth between medicines.

He speculated a factor in Pfizer's decision to abandon asenapine may have been that it already sells a schizophrenia drug, Geodon.

"Based on what we know, we consider this a good product," Hassan said. "We are hopeful we can bring this one through (FDA approval) and do something with it in the marketplace."

Hassan said sugammadex, which works far more quickly than existing drugs in reversing the effects of muscle relaxants used in surgery, has potential to "transform anesthesiology."

The drugmaker earlier on Tuesday said the FDA has extended its review of the marketing application for sugammadex -- whose brand name will be Bridion -- by three months. The FDA is expected to make a decision on the drug in the third quarter. (Editing by Brian Moss)