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Biotech / Medical : Biotech Valuation
CRSP 50.73-5.2%Nov 19 3:59 PM EST
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To: nigel bates who wrote (3286)4/2/2001 11:54:49 AM
From: Biomaven  Read Replies (1) of 52153
 
Peter, you are an unbelievable cynic.

Actually most of my biotech boo-boos have come from not being cynical enough.

In my view, to be a good biotech investor you need to combine long-term hope (how else can you stand to wait for five or more years for a drug to pan out?) with short-term cynicism (to cope with investment-banking driven "analysts" and biotechs trying very hard to put good spin on bad or medium stuff).

And continuing in my cynical vein, when considering whether a company is munchable, one of the things you have to check is whether the CEO has a bunch of in-the-money options at the potential deal price that will have vesting accelerated on change of control.

Peter
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