CEPH Message Board - Msg: 1415129

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Biotech / Medical : CEPH

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To: IN_GOD_I_TRUST who wrote (333)	5/15/1997 10:26:00 PM
From: Techperson	of 998

At the Chiron annual meeting today the head of clinical research gave a careful review of the Myo data. Ed Penhoet then said the panel turndown was just a recommendation and that CHIR/CEPH are educating the FDA with some data they did not see or did not understand before the panel meeting. Ed said they will continue to do what is necessary to get Myo approved in Europe and the U.S. The FDA was imspecting Chiron's Myo manufacturing facilities today. Regarding rumor it will cost $150 M to do another trial if required, he said nonsense. All infrastructure in place. Will cost $30 million, well within CHIR/CEPH ability. Regarding Barron's estimate CHIR will go to low teen's, Ed said that would be an $8 decline times 170 million shares, or a $1.2 billion loss in market value for their half of Myo. "Myo is a nice drug, but it isn't worth $1.2 billion. So there is no economic basis for a statement like that." Bill Ruder than added that after the turndown, the stock market took $150 million off CHIR's market cap and $170 M off Cephalon's, a combined hit of $320 million - about equal to the companies' view of what the drug is worth in the U.S.

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