Biogen Message Board - Msg: 8115965

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Biotech / Medical : Biogen

BIIB 174.61

-1.8%

3:59 PM EST

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To: Harold Engstrom who wrote (894)	3/2/1999 6:17:00 PM
From: Beltropolis Boy	of 1686

harold. following is an excerpt from a lehman bro's sell-side piece a couple of weeks old. it's written after the inhale deal, and while it doesn't really bring anything new to the table, i thought you might like their perspective just the same. note the disclaimer. for what it's worth, -chris. ----- Headline: Biogen: Signs Deal for Pulmonary Delivery of Avonex Author: C. A. Butler, PhD / S. Pandya 212-526-4410 Rating: 1 Company: BGEN Rank (Old): 1-Buy Rank (New): 1-Buy Price: $90 3/8 52wk Range: $101-41 Price Target (Old): $110 Price Target (New): $110 Proj. 5yr EPS Grth: 20.0 % P/E 1999; 2000 : 36.1X; 30.6X Current Book Value: $9.30/sh Debt-to-Capital: 7.6% Disclosure(s): Lehman Brothers Inc. makes a market in the securities of this company. * Biogen announced the signing of a collaboration with Inhale (INHL - 28 5/8, Venture 1) toward the development of pulmonary delivery for Avonex. Recall that Avonex is Biogen's drug for multiple sclerosis which recorded $395 million in sales last year. * Under terms of the agreement, Inhale will receive up to $25 million in funding and milestone payments. Biogen will handle clinical trials and provide bulk material, while Inhale will provide expertise in manufacturing and inhalation devices. * We believe that the up-front payment given to Inhale is approximately $1 million and thus not likely to impact our financial estimates for Biogen this year. * We are encouraged by management's long-term vision and view this as a possible mechanism to enhance Avonex's competitive position. * The underlying fundamentals at Biogen remain quite strong, as such, we are comfortable with our 1 Buy investment rating and our 12-month price target of $110.

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