NEW YORK Jan 9 The chief executive of Isis
Pharmaceuticals Inc ISIS.O forecast on Wednesday that company
shares would rebound after investors realize the true value of
the drugmaker's recently announced cholesterol-drug deal with
Genzyme Corp GENZ.O.
Isis shares jumped more than 50 percent to almost $22 in
after-hours trading on Monday after Genzyme announced it would
license Isis' experimental cholesterol fighter and could
eventually pay Isis more than $1.5 billion in milestone
payments and a 50 percent share of profits from the medicine.
But the stock had drifted down to $16.94 late on Wednesday,
only 16 percent higher than before the Genzyme deal was
"We are extremely disappointed, but we don't expect it to
last," Stanley Crooke said in a telephone interview. "We think
there will be a rational response to what we've accomplished.
This is a drug that has worked stunningly well" in clinical
(Reporting by Ransdell Pierson; Editing by Andre Grenon)