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Biotech / Medical : Biotech Valuation

CRSP 56.16

-0.5%

11:53 AM EST

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To: RCMac who wrote (5320)	1/4/2002 9:48:51 AM
From: Biomaven	of 52153

That's the worst possible tax treatment. But from Roche's viewpoint it's the best possible tax treatment. Under present US law at least, they get a deduction for the full amount. There have been many proposals to disallow the deductibility of punitive damages, but so far they haven't gone anywhere. I think more to the point is that it is much less embarrassing for Roche to buy Igen at a substantial premium than it is to shell out large sums in a verdict. The Meso deal (grumble) was clearly structured with the thought in mind that someone unfriendly could munch Igen, but I don't know how Sam would feel about consigning his employees to work for Roche. Peter

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