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Biotech / Medical : Biotech Valuation

CRSP 57.30

-0.1%

2:44 PM EST

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To: Ian@SI who wrote (3379)	4/9/2001 3:19:29 PM
From: Biomaven	of 52153

Big win for Igen today. I posted the release on the IGEN thread: Message 15637406 As I said there, this was likely the key issue in the case. Basically, the agreement allowed Roche (originally BM) to deduct from their reported reagent revenue anything specifically allocated on the invoice to equipment rental. (They sell the razor for little and add on to the price of razorblades). However, Roche apparently didn't allocate anything but made an arbitrary deduction anyhow. (And even tried to do it retroactively). Further, there is allegedly (although it seems more than just alleged) an admission by a Roche executive that they wouldn't mind if the royalty deduction weakened IGEN's stock price. That might well give IGEN a shot at punitive damages. Roche cannot permit the possibility that they lose their IGEN license, so a settlement seems likely to me. Peter

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