Thanks for the posts, Ice.
If everyone could cut and paste as they dive into Edgar, it would be appreciated.
My first blush opinion..... they've combined niche products and license income with legal, highly leveraged and risky development-stage biotech investments. The business plan...... diversification across a large cross section of the drug development (discovery and delivery) process, with some great investments (not all!).
A huge, adequately described, well managed, and legal Ponzi scheme.
If Merck could buy them tomorrow for $10 billion, it would be a very wise thing to do.
Again, this is first blush. And there are lots of people out there who would like to destroy the company to secure further short profit.
At four times this market cap, I wasn't interested. Even down here, it's apparent that investors have lost their desire to reach and dream. Imclone.
Ugh.
Tuesday February 5, 10:36 am Eastern Time
Repentant Companies Find No Mercy
By James J. Cramer
Brutal market. Take Elan (NYSE:ELN - news). It was damned if it kept up with these Lazy Susan partnerships , where it gives money to an off-the-books entity and then it takes money back and books it as revenue. And it was damned when it decided to make a clean breast of things. ... ( This article continues for RealCommentary subscribers...) |
