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Biotech / Medical : Biotech Valuation

CRSP 52.89

-1.2%

11:06 AM EST

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To: Icebrg who wrote (4869)	8/14/2003 5:04:01 PM
From: Icebrg	Read Replies (2) of 52153

NBIX vs. NPSP Back in October we had a situation where subject companies both enjoyed a valuation of about a 1billion USD. Since then, they have trodden different paths. NBIX found their way to a very rich and innovative partnership with Pfizer and is now sporting a tech value of about 1,3 billion USD (market cap. less cash). While NPSP tried their luck with Enzon Pharmaceuticals in a full-scale merger. Something the markets definitively did not appreciate. The merger was reversed at the cost to NPSP of 1,5 million freshly minted shares. But doubts are still lingering as the tech value (market cap. ./. cash + L-T dept) has fallen back to around 660 mUSD. Perhaps not completely well deserved. NPS has seen some major advancments in its pipeline. Amgen is preparing to file an NDA for Cinacalcet. Preos, which is still unpartnered, is moving ahead. The prospects for an approval should be relatively good, as Lilly's Forteo has already been allowed to pass out through the gates at FDA. The company is further expecting to start a pivotal trial for teduglutide (ex. ALX-0600) in Short Bowel Syndrome by year-end. (Plus a proof-of-concept [if there is anything to prove] in Crohn's disease). Reasons enough - I think - to defend the small position, which I took today. There are not too many companies with unpartnered phase III products on the market today. Apart from the merger that never was, NPS appears to be doing most things right. Erik

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