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Biotech / Medical : ARIAD Pharmaceuticals
ARIA 23.990.0%Feb 17 4:00 PM EST
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To: steve kammerer who wrote (840)1/13/2000 11:35:00 PM
From: scott_jiminez   of 4474
 
Partnering for Ariad implies payments TO the company (NOT payments by Ariad) for the right to use ARGENT. I perceive this somewhat akin to software licensing: if a company can survive the huge development costs, and the product is accepted, the margins on the licensing (and/or sales) fees are commonly enormous. This is why so many are so persistent in learning what the status of Ariad's partnership(s) is. There is little question now the company will survive. The announcement of an alliance would be a watershed for the company, a validation and vindication of the ARGENT platform.

The fact that an alliance is undoubtedly in the works allows the mention of a word that until very recently would have been absurd in the context of Ariad. Profitability.

Ariad is in phase I/II trials of at least 1 ARGENT based drug (an anti-graph vs. host disease treatment). To get through the entire clinical trial regimen requires much more than 40 million dollars. Thus while the sale to HMR does provide very welcome working capital, a deep-pocketed partner will be required to bring the drug to market.

In my opinion, the data from the primate study last year (the Science article) and the enhancement of the ARGENT system (published in PNAS in November), among others, has provided solid proof-of-concept data. This has placed the company is a position to set quite favorable terms when negotiating an alliance.
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