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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly)

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To: jeff greene who wrote (1622)	11/15/1999 11:28:00 PM
From: aknahow	Read Replies (1) of 1722

All shareholders should care that the S.E.C. allows both marketing and royalty agreements to be kept confidential. Now Warner has complained that to continue to keep its' agreement with Pfizer confidential would mislead shareholders. The agreement is now being released, as both sides agreed. biz.yahoo.com These agreements are material to understanding the value of companies we invest in. There is no logic to Warners claim that shareholders were now being damaged by not knowing the details. Shareholders were damaged from the moment the agreement was signed and the details hidden from shareholders. Competitors make this type of agreement all the time and thus probably had very close ideas about the structure of the deal. You can bet that favored analyst and investment bankers were also led to have a close approximation of the details. The same is true with royalty agreements for biotech stocks. Only the shareholders are kept in the dark. I hope the S.E.C. see the irony of having a big drug company complain about the results of its' own secret agreement.

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