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Biotech / Medical : Aronex Pharma (ARNX)
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To: Lance P. Dykhoff who wrote (13)4/9/1997 6:53:00 PM
From: Tara Cobble   of 320
 
Lance:

** If Genzyme exercises its option, Aronex will receive cash payments of $5.0 million, $2.0 million of which have already been paid. Aronex will also receive royalties on sales and equal co-promotion rights in the United States. If Genzyme does not exercise its option, Aronex will reacquire worldwide rights by paying Genzyme $2.0 million in cash and capped royalty payments on product sales.**

Maybe I misunderstood this but I thought this meant that Genzyme had already paid the cash payments to Aronex for the gene development to date. Or did the statement mean to say that Aronex has paid this money into develoment and would be paid by Genzyme if it exercised the option (I don't think so.). I also understood this to say that if Genzyme did not want the rights (exercising the option) then Aronex would need to reaquire the rights from Genzyme for $2M. Now if things were looking that good why would Genzyme give up the rights for $2M.

Sorry to sound like the devil's advocate, but I am just trying to generate some discussion on this and wondering why the stock has been dropping. Maybe it has nothing to do with the above, it seems like the biotechs have had a fairly big correction lately and maybe all have dropped together. Are there any that you follow that have held up over the past month? Three that I have money in have all dropped by quite a bit, but I don't follow any others.

Tara
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