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Pacific Growth Keeps 'Strong Buy' on Adolor

Pacific Growth reiterates its strong buy rating on Adolor (ADLR).

Analyst Tom Dietz says Adolor will get a $50 million up-front payment, and up to $220 million in milestone payments for the worldwide development and commercialization of Alvimopan with GlaxoSmithKline. He says the deal calls for the two companies to share in the economics of development and commercialization in the U.S.; and for GlaxoSmithKline to commercialize the drug in non-U.S. areas.

Adolor now expects data from the first Phase III clinical trial in ileus (obstruction of bowel) in the third quarter with a New Drug Application filing in the first half of 2002. Data from the first opioid bowel dysfunction study still is expected in the second quarter.

Dietz believes the size of the deal validates Adolor's work to date, and also is proof of the perceived market opportunity for this drug.

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