Cephalon maintained by Merrill at neutral

Cephalon Inc. was maintained by Merrill Lynch analyst Gregory B. Gilbert at a neutral rating after the company and Alkermes said the FDA issued an approvable letter for Vivitrol, formerly Vivitrex, for the treatment of alcohol dependence in combination with psychosocial support. The companies continue to expect a launch in the second quarter of next year. Merrill's sales estimates of $38 million and $125 million in 2006 and 2007, respectively, are unchanged. The company said it is hiring sales reps and designing education and training programs in preparation for the launch. On Dec. 28, shares of the Frazer, Pa., biopharmaceutical company were down 22 cents, or 0.34%, at $64.45 on volume of 2,222,104 shares versus the three-month running average of 1,565,030 shares.

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