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Biotech / Medical : Biotech Valuation

CRSP 53.85

-4.5%

Jan 9 9:30 AM EST

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To: Biomaven who started this subject	12/10/2001 7:53:18 PM
From: IRWIN JAMES FRANKEL	Read Replies (1) of 52153

Article in BW - 12/17/01 on MRK Thesis: "As patents expire, the drug giant desperately needs product." Some quotes: - meeting for analysts on Dec 11. If the company doesn't unveil exciting new developments about potentially big drugs, the pressure quickly will mount for Merck to consider acquisitions or major drug licensing deals. - Schering-Plough is often mentioned as a target but Merck has felt that big purchases can be more trouble than they're worth. - [Merck] the price is down 27%, to around 69 - The stumble is hardly surprising considering the number of Merck products losing their patents. - In a few years Merck will face yet another major setback: the end of US patent protection for its biggest drug, the cholesterol lowering drug Zocor, which is worth $6.6 billion a year. - There are a lot of people looking to [acquire or license drugs], so they could find themselves in a bidding war. - None of this ... will plug the near-term hole in the pipeline. - They desperately need to acquire product. I don't see how they do it on their own. Who should they munch? Who has a robust near term pipeline? ij

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