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Biotech / Medical : Biotech Valuation

CRSP 56.68

-2.4%

Dec 12 9:30 AM EST

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To: Biomaven who wrote (1911)	10/30/2000 1:02:25 AM
From: Dave K	of 52153

Peter..."Of course there are still appeals to be fought, so they don't get to spend the money just yet ... " Agree, but won't that money go into escrow, so ACLA can't touch this either ? I looked at the cash positions between the two companies (check me). Using June 30 as the benchmark... ACLA had $208.4M cash technically now reduced to $156 M if an appeal is lost in the future (that's assuming they appeal) CALP had $90.1M + $104.9M (PP) + $52.5M (pending) + $12M (lawyers) = $259.5M.........If this is correct (?), it's not a bad war chest ? I think the PR story got the Markman hearing on 015 mixed up. Thought it was July, not June ? If the judge rules in ACLA's favor on the 015 summary judgement (due shortly), then ACLA is not looking good at all while CALP should assume leadership position with more alliances and comfort to their partners. Thereafter all that's left is the Ramsey Patent contest. If ACLA does lose 015 wouldn't it be in their best interest to settle the Ramsey issue and salvage what remains of their cash position and credibility ? Putting a valuation on CALP after a favorable ruling by the judge on 015 evades me. Is $100 a share (2.35 B) reasonable ? Dave

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