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Biotech / Medical : Biotech Valuation

CRSP 56.68

-2.4%

Dec 12 9:30 AM EST

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To: Biomaven who wrote (5339)	1/5/2002 7:57:21 PM
From: Harold Engstrom	of 52153

Peter, I have a relative valuation question... BTRN seems more promising each quarter. It has a market cap of about $200MM; has several promising programs (internal and external MEDI-507 programs, Allomune, Eligix, Immerge, SCS) and good results coming from all. I like Dr. Lebowitz, too, from what little I know of him. Now there are other companies like LGND and XOMA that have remarkably high market caps and seem not too far removed from BTRN's stage. Many reading this know their history far better than myself. From a eyeball-it perspective, I would think BTRN should be somewhere around XOMA's valuation: it has more programs that seem more promising; no setbacks that I am aware of; seemingly ethical leadership; equity positions in SCS and Immerge. What do you think? Is a $500MM-$600MM valuation unreasonable?

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