Cell Genesys (CEGE) Message Board

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Biotech / Medical : Cell Genesys (CEGE)

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To: tuck who wrote (895)	4/28/2000 5:56:00 PM
From: david james	Read Replies (1) of 1298

Yes, there is still a fight with respect to the U.S. Epogen revenue, but Aventis (the $83 billion French company backing the TKTX venture) is more likely to win in Europe. Also, from what I understand, the heart of the argument is that the Amgen patent is too vague and does not accurately represent the specifics of the method used by Amgen. So in this first round, the judge has ruled that as it is currently written, TKTX's method falls under the large umbrella of the Amgen patent. But now the question is whether Amgen should be allowed such a large umbrella. In any case, these are just bonus dollars for CEGE should any revenues eventually occur. With the stock trading near book value, one can't argue that CEGE is being valued on their potential revenues here. Today, CEGE has $250 mill in cash and $435 mill in ABGX stock. You throw in their buildings and equipment and you have book value near $700 million. And that gives no value to their gene activation technology (as licensed by Aventis) or to their patents or to their cancer vaccines (of which Japanese Tobacco is going to pay $45 mill for the rights) or to their gene therapy.

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