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The Serono/Pfizer Rebif Co-Promotion: Just Act One?

Executive Summary

Analysts generally expressed the view that Pfizer and Serono will both benefit from their agreement to co-promote the multiple sclerosis drug, Rebif. But some question whether the sales and marketing boost Pfizer will give the specialty drug justifies its $200 million upfront payment, or, for that matter, the estimated 35%-40% commission on sales that Serono will be required to pay Pfizer.
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