North American Vaccine (NVX) Message Board

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Biotech / Medical : North American Vaccine (NVX)

NVX 1.120

+10.3%

3:02 PM EST

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To: andy harrison who wrote (3)	12/10/1996 8:21:00 PM
From: Don W Stone	of 35

NVX and Chiron Behring ( Germany) made an announcement of their agreement early today and Chiron Vaccines later in the morning sounded off with their own announcement on that announcement that raises some questions in my mind. Dino Dina, President of Chiron Vaccines said " This agreement will fill a short term strategic need that we have in Germany". She states that "financial terms of the agreement were not disclosed." She goes on to say that they are pursuing licensure of their DTaP vaccine "in all European countries and expect to be on the market within the next two years." The Chiron Vaccine announcement of the Chiron Behring announcment to me comes across as a bit defensive as I assume it was intended to be to effectively make a statement as to just what Chirons position was with their own DTaP vaccines. When I reread the announcements a few times over I began to realize that Chiron Behring is a joint venture between Behringwerke AG and Chiron Corp. Chiron Vaccines and its Biocine Subsidiary is a separate entity within Chiron Corp. Perhaps there in lies the answer to some of my questions. In any event it is a VERY POSITIVE event for NVX and Chiron Behring that just could develope into alot more than what was announced today IMO.. Here is why: 1) NVX in effect got an endorsement from " a market leader in human vaccines in Germany". 2) NVX got an "up-front payment" and will get milestone payments. 3) NVX will receive revenues commensurate with sales of the product in Germany over four years. 4) Chiron Behring's CEO, states that: "We are looking forward to marketing the two products and to establishing a growing relationship between the two companies." 5) Chirons ability to bring their own DTaP to market is at best unclear for the near future IMO. 6) The agreement appears to me to be in the best interest of both parties, that is why they acted on it, and that says alot about what wasn't said in the announcements IMO. :-)

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