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Biotech / Medical : Biotech Valuation
CRSP 56.68-2.4%Dec 12 9:30 AM EST
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To: Biomaven who started this subject6/11/2001 4:45:40 PM
From: nigel bates  Read Replies (1) of 52153
 
Does this really justify $200m off Biosite's market cap (announced mid afternoon Friday...) ?

SAN DIEGO, June 8 /PRNewswire/ -- Biosite Diagnostics Incorporated (Nasdaq: BSTE - news) today announced that it has filed an action against XOMA Ltd. (Nasdaq: XOMA - news) and affiliates for a declaration that there has been no breach, and can be no termination, of three license agreements from XOMA. The license agreements relate to the bacterial expression of antibodies. In addition, Biosite seeks an injunction against any purported termination by XOMA and a declaration that Biosite is not exceeding the scope of its licenses under certain patents claimed by XOMA.
``As we have previously stated in response to XOMA's notice of alleged breach, Biosite believes that it is in full compliance with the license agreements and that it has not breached its obligations, and therefore there is no basis for termination,'' said Kim Blickenstaff, Biosite president and chief executive officer. ``We believe that this notice is unwarranted and that XOMA is seeking to renegotiate the terms of enforceable contracts. Because XOMA has failed to withdraw its notice, we are reluctantly filing suit to obtain a ruling that XOMA's notice lacks merit. We intend to vigorously contest this notice and pursue our rights under the license agreements.''

I have no position in either stock, but I'm curious.

nig
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