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Biotech / Medical : Immunex
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To: Howard Henick who wrote (26)1/1/1997 12:43:00 PM
From: Michael Yang   of 656
 
Howard,

I probably come closest to the anti-Immunex contingent you are referring to. So I would like to explain the basis for my assessment. Very simply put, the sale from flag-ship product leukine amounts to 12 million (30% of the 40 million total sales), although this is with lyophilized form mostly. Immunex certainly believe that liquid form may sell better, but the result remains to be seen. The company is operating at increasing loss. With 40 million shares outstanding and no promising new drug to enter the market, I think 20/share is a fair price. What I don't know is whether AHP has increased offer for buying out the Immunex (any rumors?), if so this would explain the current hike.

Good luck!

Michael
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