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Biotech / Medical : Agouron Pharmaceuticals (AGPH)
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To: sam who wrote (4932)7/21/1998 5:56:00 PM
From: Vector1  Read Replies (2) of 6136
 
Sounds to me like AGPH is creating a tracking stock for the oncology division. THe best biotech precedent for this is Genzyme General and Genzyme Tissue Repair (which has been a pig). Make sense in that AGPH general will get the benefit of the combined companies tax rate (ie. the benefit of the oncology companies losses) but as a division will report its income without giving effect to the Oncology division losses. It is neat trick and someday the SEC is going to eliminate this. The Oncology divison will need to be taken public or attact private investors to make it work and that may be difficult in this evironment unless they are going to have an announcement on one of the compounds. Genzyme tried to issue another stock for its oncology division about a month ago but could not get the offering off.
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