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Here are highlights from Monday's Analyst Blog:

ISIS: Big Blockbuster Potential

We are keeping our Buy rating and $22 price target on Isis Pharmaceuticals (NASDAQ: ISIS). We encourage investors to pick up the shares at this level. We think commercialization of mipomersen for HoFH under an accelerated approval should come in early 2011. Mipomersen represents one of the largest potential blockbuster drugs to come to market in the next few years.

Additionally, the path to market outside the U.S. may be easier than the Street anticipates. We see today's price as a significant opportunity to pick up the premier antisense development company on the market for a discounted price.

Petrobras, Cosan May Partner Up

Last Friday Cosan Ltd. (NYSE: CZZ) shares went up more than 20% based on a statement from the chairman of Petrobras Biocombustiveis, a subsidiary of Petrobras (NYSE: PBR), that the Brazilian state-owned giant oil company would be considering some kind of partnership with local ethanol producers. There were even some rumors that Petrobras would be considering an acquisition of Cosan.

We believe that an acquisition is not likely, even though it is not impossible either. However some kind of partnership between Petrobras Biocombustiveis and Brazilian ethanol producers is quite likely, and is a step ahead on our basic scenario for this industry, which includes higher investments, increasing production and lower import barriers in the U.S. market.

Bristol Extends Abilify Agreement

This morning, Bristol-Myers Squibb Co. (NYSE: BMY) announced that it had extended its U.S. commercialization and development agreement with Otsuka Pharmaceutical Co. relative to Abilify. Japan-based Otsuka discovered Abilify, which is marketed in the U.S. and Europe for a variety of psychiatric disorders including schizophrenia, bipolar mania and major depressive disorder.

Under the initial agreement, which commenced in 1999, Bristol-Myers received 65% of all U.S. sales and paid 100% of commercialization expenses. The agreement was set to expire in November 2012.