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Biotech / Medical : ChiRex (CHRX)

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To: Dick Roy who wrote (34)	3/26/1997 10:39:00 PM
From: Haseltine	of 130

Count Pfizer among the new customers according to the SEC documents. So they are diversifying the base and Pfizer has one of the best pipelines in the industry. But, I agree, they will need more in order to spread the risk more broadly across the industry. You are right==Parexel is in a different segment of the business--contract services for drug development. But there are many biotech companies who can't afford to do this type of work on their own so Parelel is well positioned. The good news is the market they serve is expanding. The bad news is that they don't get the long term contracts that a ChiRex can get so their business will be a lot more "lumpy." You might want to check out some of the combinatorial companies if you are interested in technology driven companies with earnings. Arqule (ARQL) is one I follow. They had an IPO last year at $12 fell to near $8, soared to over $20, announced a secondary offering, sunk to $15, and today closed up almost $2 near $17. 'not for the faint of heart but they are already making money!

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