Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: reaper who wrote (153900)	3/1/2002 1:34:39 PM
From: reaper	Read Replies (1) of 436258

getting clown LONG Shire (SHPGY) here, after covering short yesterday. +/- $3.6 billion market cap, which is less than what they paid for Biochem last year (+/- $4 billion). As an ex-Biochem shareholder, I think that that business (3TC for AIDS and Zeffix for HepB) is worth about $3 billion. plus Shire has Adderall (for ADHD), Reminyl (for Alzheimers; they just get a royalty here), and a bunch of smaller drugs (Carbatrol, Agrylin, Pentasa). they also have about $400mm of net cash ($840mm cash and $403mm debt, most of which is a low-coupon convert). risks -- pipeline is thin and Adderall under attack from generics (Barr Labs). target is $30. full position here at $22 1/2. will buy an additional third below $20. Cheers

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