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Biotech / Medical : Biotech Valuation
CRSP 52.20-5.5%3:59 PM EST
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To: LLCF who wrote (6498)6/7/2002 9:19:18 AM
From: Biomaven  Read Replies (2) of 52153
 
DAK,

As others have said, ELN is very different from ARIAD. The big difference is that ELN has the right (but not obligation) to use cash to redeem the converts and more importantly, has the cash to use if it wants.

So this is NOT a toxic convertible, where the holder can freely short ahead of the conversion without any risk.

However, in the current environment and with Maris renewing his old attack, ELN will likely continue weak.

The BGEN news is not going to help the sector either, and PFE returning pagoclone to Indevus today is yet another blow.

So valuations may be ridiculous, but it looks like they will be getting more ridiculous.

Peter
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