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Last update - 03:22 18/01/2005 By Nitzan Cohen and Yoram Gavison Drugmaker Teva Pharmaceuticals lost 3 percent on huge turnover of NIS 89 million yesterday on the Tel Aviv Stock Exchange on rumors of research linking the company's multiple sclerosis treatment Copaxone with breast cancer. The research, headed by Ben-Gurion University's Dr Anat Ahiron, was submitted for publication in medical journal Breast Cancer Research & Treatment, and is based on the results of earlier studies. Those studies found that MS patients not treated with one of the four medications currently on the market had a smaller chance of contracting certain forms of cancer than those treated with Biogen's Avonex, Teva's Copaxone, Serono's Rebif or Schering's Betaserone. The possible explanation is that MS - an autoimmune disorder in which the immune system attacks the body - causes intensive immune system activity that decreases the occurence of cancer. The news in Ahiron's research is that treatment with MS medications annulled the protective effect the disease has against cancer. Ahiron and her research partners examined the effect of treatment with the four medications on the frequency of cancer in 1,338 patients, 892 of whom were women. The number is representative of the greater number of females affected by MS, considered a scourge of women from the northern hemisphere. The research found that 15 women contracted breast cancer, and 31 fell ill with some form of cancer. The research revealed that treatment with Copaxone increased the chances of contracting breast cancer to greater than that of the general population. The other three treatments reduced the chances by 48 percent. The research revealed that the other three treatments increased the chances of contracting other forms of cancer. The findings are substantial enough to indicate the need for further research. Teva stated in response that Ahiron's data indicated 15 women developed breast cancer out of the total 892 female patients in the study, but 11 had contracted the disease before beginning treatment for MS. Teva notes that since the inception of the Copaxone treatment in 1996, 60,000 women worldwide have taken the drug and been under medical supervision from the start of treatment. Incidence of cancer in that group is 83 percent lower than in the general population. This wide database is more reliable than Ahiron's research population, Teva states. Investment bank IBI analyst Ela Alkalai said the research could adversely impact Teva in the short run, due to the U.S. market's sensitivity to drug safety. However, Alkalai does not expect the U.S. Food and Drug Administration to take any action. Alkalai did note that the research will increase the scrutiny Teva faces in light of the launch of Copaxone rival Tysabri. She left her buy recommendation in tact with a $35 target price. She says the current market price of $28.5 already incorporates a projected dip in Copaxone sales in 2005.

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