CLTR COULTER PHARMACEUTICAL Message Board

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Biotech / Medical : CLTR COULTER PHARMACEUTICAL

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To: Howard Bennett who wrote (621)	10/20/2000 1:44:06 PM
From: Lighthouse	of 666

My initial read on this is you indeed remove the Bexxar approval risk by switching horses at THIS point; However, you subsequently take on the Corixa pipeline risk, if the deal falls through, which is much further out than Bexxar (and therefore in my opinion a higher risk - higher discount rate - higher level of FUD). Taxes can also influence a decision greatly. Bexxar looks like a nice niche drug for a small biotech company. On the surface and over a short time horizon the deal makes no sense to me: you diminshed your upside and held all the downside. Long term I have no idea since I am not nearly as conversant in Corixa's drug pipeline. This is where reputation of management and past experience of management counts for a significant level of scrutiny. More questions: Where are the segment consolidators? Was this deal brought to them by Corixa, investment bankers, marketing partners or none of the above? Did they shop the company after Corixa displayed a serious interest? Did they receive any other indications of interest from any "realistic" party in the past six months? Smithkline did not want to take Coulter? {perhaps too small?} Sorry many more questions than answers on this one. Cheers,

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