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Biotech / Medical : Biotech Valuation

CRSP 50.19

+1.8%

Nov 21 9:30 AM EST

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To: scaram(o)uche who wrote (445)	10/22/1999 3:43:00 PM
From: Biomaven	Read Replies (1) of 52153

Today we got some indication of what Mr Market thinks Biogen's anti-CD40L program is worth. He (I guess Mr. Market is indeed male) knocked off about $1 billion off BGEN's valuation. If we assume he thinks the program is only 50% dead, that would make the implied value of the program $2 billion. Kind of pricey for a Phase II, but then again it has $1 billion/yr potential. BTW, IGEN was up sharply today on no news that I saw. My view is that people should have a few IGEN calls tucked away in case it settles with Roche. Peter

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