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Biotech / Medical : Agouron Pharmaceuticals (AGPH)
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To: Joe E. who wrote (5150)8/13/1998 5:11:00 PM
From: John Metcalf  Read Replies (1) of 6136
 
Joe, _most_ biotech investors invest in companies that spend fortunes on research and have no products yet. In fact, many of the people who write in this thread were invested in Agouron when they had no product and the market cap was double what it is today.

The P/E types and value investors came later. These investors hold your point of view, that profits are being burned instead of delivered to them. Neither value investors nor early-stage investors are likely to hold both AGPH and onco-AGPH. Hence, the spin-out.

As to the spreads, I'm sure it's not a consideration. {An aside: a big spread might discourage traders who have not been particularly good for AGPH....}
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