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Biotech / Medical : Biotech Lock-Up Expiration Hell Portfolio
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To: tuck who wrote (567)1/5/2002 2:47:12 PM
From: IRWIN JAMES FRANKEL  Read Replies (2) of 1005
 
Hi tuck,

What is BLUE HP?

On ICN:

I know a good bit about the company and was a holder for many years. I have not kept current. Like many who have followed it I do not trust management particularly Milan Panic. For veracity I would class him with Bill Clinton.

Ribapharm's principal asset will be the royalty stream on ribavirin/Rebetol and the hope that levovirin will replace it and extend the patent estate protection for the HCV franchise. The weakness of the patent estate was highlighted by the SGP maneuver to bundle ribavirin with Intron A. Since ribavirin was not separately approved any generic attack was useless. But when pegylated Intron A got approved without being bundled with ribavirin it became necessary for SGP to seek separate approval of ribavirin so that it could be used with PEG Intron A. That weakened the defenses.

If a successful attack is launched on the patent protection of ribavirin, the stock of ICN/Ribapharm would likely collapse.

I do not believe that MP is serious about splitting up the companies and that he will only do it if he can use the situation to his personal advantage.

Three dissidents were elected to the BOD at the last election. Despite a promise to do so another dissident Bachelder was not seated contrary to an agreement. The next election that I believe is to be held late this spring will be interesting. Dissidents will try to add 3 more directors and thereby take control of the BOD which by agreement is to be reduced to 9 members. I predict that the lawyers will be kept busy on both sides.

If I can be of any help understanding the history of the company - I am at your service.

Kind regards,

ij
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