Morgan Stanley Warns Warner Chilcott's DELZICOL 'May Not Qualify for Any Marketing Exclusivity'

Traders in Warner Chilcott

may be considering an earlier concerning note from Morgan Stanley following news of FDA approval for DELZICOL. After trading to an intraday high at $14.87, shares of Warner Chilcott last traded around $14.27, up about 1.4 percent from Monday's close. Morgan Stanley analysts said, "After perusing Delzicol(new Asacol)'s label, we believe that it may not qualify for any marketing exclusivity, implying that WCRX's time to effect conversion from Asacol may be very limited." The firm believes the major difference between the labels "is that Asacol tablets contain dibutyl phthalate as an inactive ingredient while Delzicol capsules contain dibutyl sebacate." Morgan Stanley maintains an Underweight rating on shares of Warner Chilcott.