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Biotech / Medical : Biotech Valuation

CRSP 57.05

-0.6%

3:59 PM EST

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To: schzammm who wrote (6119)	4/9/2002 10:43:54 PM
From: Biomaven	of 52153

schzammm: <Isotechnika> Roche is actually a reasonable partner in this field - we haven't seen similarly egregious behavior on their drug partnership side that we saw with IGEN. The $215m is denominated in biobucks. Without the details it is pretty meaningless - we don't know how much is for, e.g., sales milestones which will only be achieved if the drug is very successful in multiple fields. Once they publicly file the (elided) agreement (they are a Canadian company so I don't know if they will) you might get a better sense of at least how many milestones there are and whether any are sales-based. The other key issue is the royalty rate - I think Miljenko is being optimistic with a 20% rate given that the drug is still early Phase II. The dynamic here is that the pharma partner wants to keep the details quiet. The biotech will typically "signal" some degree of detail to analysts. ("High teens?" "Yes, that's about right"). Peter

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