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Biotech / Medical : Biotech Valuation
CRSP 57.58+0.9%Dec 10 3:59 PM EST
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To: nigel bates who wrote (4099)6/12/2001 2:02:29 AM
From: aknahow   of 52153
 
After market continues weak. Am sure Biosite did not sue on a whim. The issue must be bigger than outside observers think. they signed an agreement in 1997 and perhaps being denied the right to use XOMA's technology would impact a lot of the business they have done with other since then. If it was only a matter of a few million I think BSTE would have just settled.

At any rate this does provide some indication that the XOMA cell expression technology is worth something to others.

A $200 million cut in market cap seemed like an exaggerated response to one fund manager but another thought that BSTE would have serious problems if it lost the suit. The selling probably does not come from individuals since the news ostensibly is good for Biosite. They are suing and that's better than being sued to many individuals. Check out I-watch to determine who is selling.
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