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Relative performance*
cumulative Since inception (18 Oct 1996)
annualised * Source: Datastream Last month’s highlights In October, the biotech sector was more or less flat in terms of performance. Major newsflow came from the quarterly earnings reports. Almost all established companies, like Amgen, Genzyme, Medimmune, Chiron etc., reported better than expected results. The only exception was Gilead Sciences: The primary factor for this was a greater than expected drawdown of wholesaler inventory of its main product Viread, which is a product for the treatment of HIV infections. There was positive newsflow on the products side: Genentech/Xoma’s Raptiva was approved by the FDA for moderate to severe psoriasis. Raptiva is the second biologic drug on the market for the treatment of psoriasis. The FDA approved Biogen’s Amevive earlier this year. Further biotech products are in development for this indication: e.g. Amgen’s Enbrel and JNJ’s Remicade. Psoriasis is an immune-related disorder in which the body's T cells, part of the immune system that normally fight disease, are over and wrongly activated, giving the patient painful, thick, red itchy sores. Furthermore Alkermes & its partner Johnson and Johnson announced the receipt of an approval letter from the FDA regarding Risperdal Consta for the treatment of schizophrenia. This approval letter comes after the initial non-approvable letter on July 1, 2002. Risperdal Consta is a long-acting version of the once daily Risperdal. The primary
1 The Nasdaq Biotech Index (NBI) became the official benchmark as of October 2001. 2 Gross, Amgen-adjusted Ocotber and One-year performance were -0.46% & +27.84% respectively. Amgen-adjustment based on Lux structural underweight vs. NBI and Amgen performance. This Fund Flash is intended for existing distribution partners of UBS AG only and is exclusively for their internal information. It may not be forwarded to third parties. Units of investment funds mentioned in this Fund Flash may not be issued to persons domiciled in the USA or to US citizens. The information provided in this Fund Flash does not constitute an offer. UBS makes no representation (either express or implied) that the information and opinions expressed in this Fund Flash are accurate, complete or up to date. Past performance is no guarantee of future trends.
utility of this new version is the potential of a much better patient’s compliance, which is quite often an issue in treating schizophrenia patients. Positive data was also presented for Amgen’s Enbrel and IDEC’s Rituxan at the American College of Rheumatology (ACR) annual meeting being held in Orlando, Florida. In October, the biotech sector (Nasdaq Biotech Index “NBI” was -0.71%, Amex Biotech Index “BTK” was +2.98%,) was about in line with the performance of the pharmaceutical sector (Amex Pharmaceutical Index “DRG” was +0.77%), but underperformed the general market (S&P500 was +5.50%), the small cap sector (Russell 2000 was +8.31%) and the technology sector (Morgan Stanley Tech Index “MSH” was +10.12%). The best performing stock in the fund was Tularik (+26%). The company was given fast track designation by the FDA for its liver cancer treatment, T67. Fast track designation is intended to expedite the approval process for drugs that treat life-threatening illnesses and address unmet medical needs. Furthermore Tularik announced the achievement of the first milestones under its collaboration agreement with Amgen. In May of this year, Tularik and Amgen entered into a five-year collaboration that included multiple drug discovery and development programs. Biggest loser in the fund in September was Regeneron (-22%). The company said that its experimental rheumatoid arthritis drug did not prove significantly effective in a mid-stage trial. Outlook
The biotech industry is well capitalized, productive, enjoying consistent revenue growth and demand. More news flow on successful biotech drugs will continue to drive their use and revenue growth. The biotech industry will continue to mature as more companies generate sales, build commercial infrastructure, and reach profitability. With more than 800 products in clinical trial development, we expect many research breakthroughs in the next few years, particularly in the treatment of cancer & AIDS, in pioneering research tools, and in diagnostics. We also see improvements in existing drugs using new delivery methodologies and devices. In the next 5-10 years, refinements and implementation of insights from the human genome sequence map will be another strong growth driver – especially to customize treatments to an individual patient. These new breakthroughs are already visible in clinical trials for cancer patients in which new biotech drugs extend life without poisoning the patient. As we have already seen recently, we expect some further consolidation in this industry. As about half of all biotech companies have less than 2 years worth of cash, there is still room for more M&A activities. However, short-term volatility based on rumours and disappointing news flow for individual companies wil always play a role in this industry. In the end, short-term gyrations make little impact on the promising long-term picture that is developing for the sector.
This Fund Flash is intended for existing distribution partners of UBS AG only and is exclusively for their internal information. It may not be forwarded to third parties. Units of investment funds mentioned in this Fund Flash may not be issued to persons domiciled in the USA or to US citizens. The information provided in this Fund Flash does not constitute an offer. UBS makes no representation (either express or implied) that the information and opinions expressed in this Fund Flash are accurate, complete or up to date. Past performance is no guarantee of future trends.
Should you have any questions concerning the above information or UBS Funds in general, please contact our UBS Fund Infoline (+41 1 235 36 36) between 8:00 a.m. and 5.30 p.m.
This Fund Flash is intended for existing distribution partners of UBS AG only and is exclusively for their internal information. It may not be forwarded to third parties. Units of investment funds mentioned in this Fund Flash may not be issued to persons domiciled in the USA or to US citizens. The information provided in this Fund Flash does not constitute an offer. UBS makes no representation (either express or implied) that the information and opinions expressed in this Fund Flash are accurate, complete or up to date. Past performance is no guarantee of future trends.
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An enzyme immunoassay for the quantitation of YKL-40 in serum Not for use in diagnostic procedures. ENZYME IMMUNOASSAY KIT For Research Use Only. Not For Use in Diagnostic Procedures. Catalog No. 8020 YKL-40 Enzyme Immunoassay Summary Reagent Preparation Dilute 10X Wash Buffer 1:10 with DI Water Prepare each vial of Enzyme Conjugate with 7 mL of Reconstitution Buffe
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utility of this new version is the potential of a much better patient’s compliance, which is 
Should you have any questions concerning the above information or UBS Funds in general, please contact our UBS Fund Infoline (+41 1 235 36 36) between 8:00 a.m. and 5.30 p.m.
This Fund Flash is intended for existing distribution partners of UBS AG only and is exclusively for their internal information. It may not be forwarded to third parties. Units of investment funds mentioned in this Fund Flash may not be issued to persons domiciled in the USA or to US citizens. The information provided in this Fund Flash does not constitute an offer. UBS makes no representation (either express or implied) that the information and opinions expressed in this Fund Flash are accurate, complete or up to date. Past performance is no guarantee of future trends.