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Biotech / Medical : Biotech Valuation

CRSP 57.20

+0.3%

2:43 PM EST

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To: Icebrg who wrote (9047)	9/5/2003 11:41:44 AM
From: Biomaven	of 52153

Thanks Erik and IJ for the reports. I listened to ESPR as well - pretty interesting company playing in a "big boy" space. Anyone who has followed them know anything about their partnering strategy? Sounded like they had promised partnerships that haven't yet eventuated. The LGND presentation was good. Interesting valuation play - this is typically a sweet spot as the company transitions to profitability (although as they transition they will doubtless attract some dumb shorts screaming about "this POS with a P/E of 500" <g>). LGND has lots of shots on goal at this point - should end up with some decent partnering revenue, Avinza clearly has a lot of potential (although more competition is coming), and Targretin for NSCLC is a potential home run. Unusually, they provide their own valuation analysis. (See slide 48). They claim that both Avinza (assuming 10% peak market share) and their partner portfolio each alone justifies their present market cap. (LGND is one of my bigger holdings). Peter

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