Merrill Lynch upgrades Actelion to neutral

Actelion Ltd. was upgraded by Merrill Lynch analyst Erica Whittaker to a neutral rating from a sell rating after significant share price weakness on the back of Tracleer's failure in lung fibrosis clinical trials. The negative data was expected, which is why Merrill Lynch downgraded the company to the sell rating in September. Merrill Lynch said it remains cautious in the near term and expects top line pivotal Aries-2 clinical data for Myogen's ambrisentan in PAH to be released in December. If the data shows low single-digit incidence of elevated liver enzyme, then ambrisentan could be considered second generation Tracleer and could be a stronger competitor when Tracleer is launched in 2006. Shares of the Basel, Switzerland, biopharmaceutical company were unchanged at CHF 108.50.

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