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Biotech / Medical : Biotech Valuation
CRSP 54.37+0.3%11:19 AM EST
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To: Spekulatius who wrote (5925)3/17/2002 3:25:11 PM
From: Crossy  Read Replies (1) of 52153
 
Spekulatius,
thx alot for your reply. What you say makes a lot of sense to me and yes the govt' price controls are a problem. But if you find pharmas active in the entire Asian region that should help the firm overcome this countervailing force. Even better would be Japanese pharmas which strive for a US presence on their own. Maybe one should also look at Japanese biomaterial plays..

On the bigtest players, maybe you should have a look at Dainippon Pharma (4506.J) 1353Yen, and Tanabe Seiyaku (4508.J) around 1180 Yen. Both operations are between Y150-200bn in sales and both website do list their pipelines and foreign trials I could find with both stocks.

Then I found 2 further companies that may fit the "foreign exposure" too

NIPPON KAYAKU 520Y (4272.J)
this one is 40% pharma and 50% fine chemicals, their pharma operation is around Y45bn - around $400m. PSR 0.78. In their annual report their pipeline is listed. 10 compounds.

and

KYOWA HAKKO KOGYO (4151.J) 770Yen
40% Pharma, 15% Biomaterials, 15% Chem, 25% Liquor & Food
looks like having the strongest pipeline and they seem to aim for an international presence since their pipeline mentions US trials - I implied they do not want to license them fully. Maybe co-promotion. Hmmm.... Their pharma operation is around Y-140bn, PSR of 0.89, P/BK = 1.70

best rgrds
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