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Biotech / Medical : North American Vaccine (NVX)
NVX 1.015-1.9%Dec 31 3:59 PM EST
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To: Don W Stone who wrote (5)12/13/1996 8:38:00 AM
From: Don W Stone   of 35
 
To all: Here is a quote from Goldman Sachs lastest report dtd 12/10/96:
" We view the definitive agreement between NVX and Chiron Behring to market NVX's DTaP vaccines in Germany and Austria to be very positive for the revenue and earnings outlook, credibility, and competitive profile of NVX. We continue to recommend purchase of NVX at current levels for long-term oriented investors."
Goldman further says that the key benefit to this agreement is that Chiron Behring is a joint venture between Chiron Corp. and Behringwerke of Germany. Behringwerke has a stronge distribution network in Germany and control about 40% of the German vaccine market and they have a good relationship with the regulatory agency.
I am strongly of the opinion that Behringwerke and not Chiron are calling the shots on this one.
I think we will see a long term marketing relationship develope here between Behringwerke and NVX.
This agreement calls for four (4) years after approval in Germany, that takes us to mid year 2002, then the option to extend for three more years, 2005. I feel this way because I doubt that Chiron will be able to keep up with the DTaP line of combinant vaccines that NVX has in the pipeline. Starting with DTaP-IPV in '98 followed by DTaP-IPV- Hib.
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