Biotechnology Value Fund, L.P. Message Board

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Biotech / Medical : Biotechnology Value Fund, L.P.

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To: scaram(o)uche who wrote (1150)	12/19/1999 2:33:00 PM
From: scaram(o)uche	Read Replies (3) of 4974

[ market commentary ] Beating same old petrified horse..... divergence. We were irrational a few months ago. But, then genomics came back into favor...... iqc.com iqc.com iqc.com So, we've gone from a situation where third-tier was universally undervalued relative to "the haves", to one where platforms are back in favor and "summer of '98 rationale" is being recycled for 2001. The antibody platform is also a biggie of late...... iqc.com iqc.com iqc.com And even the viral vector platform has pulled in the bucks..... iqc.com iqc.com A few weeks ago, I indicated that money from the dot coms would be looking for a ride home. I feel that it's happening. However, the cab driver has passed right by the pipeline-rich, non-platform companies. At the same time, the second-tier has broken even farther away..... iqc.com iqc.com iqc.com iqc.com etc., etc. What's the take-home lesson? The best bets in biotech, the pipeline-rich third-tier companies, are beyond the silly cheap levels that we've talked about in the past. On a relative basis, good science has never been so steeply discounted.

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