Organon listing during 2006 ‘questionable’

A poll of nine industry analysts has revealed that four believe Organon Biosciences is unlikely to be listed on the stock exchange before the end of the year.

They cite the fact that the company will want to collate more data regarding its potential blockbuster drug, asenapine, designed to treat bipolar disorder, and Org 50081, a treatment for hot flashes, according to Reuters.

Jan Hein de Vroe, an analyst for Kempen, told the news agency: “It’s my impression that Akzo is pushing the initial public offering to 2007 because they need more time to raise data on asenapine.”

Asenapine is being developed jointly with Pfizer and is currently undergoing phase III trials. In June Organon reported that the trials were on track and that Pfizer had increased its share in the drug.

The analysts were also quizzed over whether Organon could be bought by another company instead of being listed. Eight of the nine said they did not think so, despite rumours of a Bayer bid for the company.

Also, according to Mr de Vroe, the rights for asenapine could automatically be transferred to Pfizer if Organon is sold, depending on the contract between the two.

As a result, he said: “Pfizer is basically the only company that can buy Organon.”

Organon describes its product pipeline as “strong and deep”. The company has “exciting” late-stage products for gynaecology, fertility, neuroscience and anaesthesia, as well as contraceptive and hormonal products awaiting FDA approval.

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