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Biotech / Medical : Biotech Valuation

CRSP 56.61

-0.6%

Nov 6 3:59 PM EST

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To: Don England who wrote (678)	2/21/2000 1:54:00 AM
From: Torben Noerup Nielsen	Read Replies (3) of 52153

Elan is a combination pharmaceutical, biotech company and venture capitalist. In the long run, they should do quite well. That said, biotech companies need to be careful about sleeping with them as they tend to act like black widows. They eat their mates on occasion. All in the name of a healthy profit of course. By the way, I'm curious as to how much of Ligand they own now. I believe they have to tender for the entire company if they exceed 25% and they just might do that. If memory serves, they also have some outstanding notes that're convertible into shares at $14 or so. Elan is one of the more interesting companies around. If you find biotech mutual funds a bit too boring, they're worth considering. Apart from selectivity and a bit of spice due to their own pipeline and their habit of munching on some of their bedfellows, their strategy is not much different from the of a biotech mutual fund. By the way, if I recally correctly, Elan managed to negotiate quite a package from the Irish government. They're adroit. Moreover - to paraphrase the immortal Cato - I am of the opinion that the GLIA shorts should be terminated with extreme prejudice. Thanks, Torben

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