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Biotech / Medical : Biotech Valuation
CRSP 57.58+0.9%3:59 PM EST
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To: Biomaven who wrote (1823)10/11/2000 3:32:05 PM
From: Mark Bong  Read Replies (1) of 52153
 
<Can't understand why BGEN hasn't been busier in-licensing a late-stage candidate or munching someone over the last year since the unfortunate demise of their CD40L drug. Big mistake in my view.>

Peter, during the CC, Jim Mullen stated that he is in the processing of negotiating another late stage product licensing deal. He indicated that this deal should be inked by the end of December or early next year at the latest. He also indicated that they are aggressively looking for other deals and will not stop looking for the foreseeable future.

<Big mistake in my view.>

I agree. My guess is that the transition from the Jim Vincent era to that of Jim Mullen created some internal political issues that affected their focus on the external parts of their business. Jim Vincent should have been more aggressive when deals could be had for lower costs and less competition. Now, they may have to pay more for licensing deals. In any event, it appears that Mullen understands this issue and is moving forward to resolve it in an aggressive manner.

An interesting note on CNBC this morning, Jim was asked if BGEN was a buyout candidate because of their low stock price. His answer was not a definitive no. As I recall, he indicated that that could be an issue, but that most pharmaceutical and biotech deals are friendly deals. The buyout possibility should put a floor on the stock price. If BGEN does not show growth from internal pipelines and in-licensing deals, then a buyout will be inevitable.
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