Altana's Daxas Breaks from the Pack

Executive Summary

Altana's Phase III PDE-4 inhibitor Daxas has shown promising preliminary results in a second late-stage clinical trial. But class-wide concerns about the long-term safety and efficacy of this new generation of respiratory drugs-and the recent high-profile thrashing of GSK's Ariflo at the hands of an FDA advisory committee-suggest that the devil may be in the details, which aren't due to be released until May 2004. But as the competition falters, and if Daxas can remain standing, the drug could transform Altana into a truly global pharmaceutical firm while providing Pfizer with the best one-two respiratory punch in the industry.