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Biotech / Medical : XOMA. Bull or Bear?

XOMA 26.62

+1.6%

Dec 31 3:59 PM EST

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To: Arthur Radley who wrote (10575)	6/28/1999 4:11:00 PM
From: Cacaito	Read Replies (4) of 17367

Very good deal: 1. Upfront money and milestones (very good). 2. It seems to be for anti-infective indications only (anti-angiogenic indications could bring more). 3. The market for Iprex will be some $50 to $100M, then $11 million is a very good chunk. It will take many years to become a popular product, and the FDA will be rigid in indications, the same for the payers (HMO, insurance, hospitals). 4. Cash for milestones is strictly inherent to a deal on a product in basic research, there are not human studies on I-prex to my knowledge. Of course a lot of the safety data is known from other human uses, that is why Allergan is willing to pay a lot for a basic scratch product. 5. Allergan has proven (like with Ligand) to be a very good partner and to pick good products. They have good marketing, they are good in the eye market. 6. Allergan is picking up the tab for the product development, that is some $5 to $10 millions more. Eye research is very expensive. Now we need deals for Mycoprex, and for Airprex (Aeroprex as per gw).

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