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Biotech / Medical : ChiRex (CHRX)
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To: m meixlER who wrote (68)7/18/1997 2:48:00 PM
From: FIFO_kid2   of 130
 
ICN is my favorite long term value play, still trading only at a mere 13PE after a 40% gain in 3 weeks. In a nutshell ICN reorganized their divisions about 2-3 years ago by consolidating them into the parent. ICN used to trade as 4 separate entities ICN (the parent), SPI pharmaceutical, ICN biomedical and Viratek. They own the exclusive rights to VIRAZOLE, an anti-viral drug which ICN has been for years trying to get approval for AIDS but with no luck. Its indication is currently used in hepatitis. What intrigues me about this company is they have been purchasing major equity positions in 4 pharmaceutical companies in Eastern Europe and Russia. Earnings have been exploding since the consolidation. In the very recent past ICN purchased a plant and rights to some of Hoffman Laroche products in Puerto Rico. Besides being another major contribution to earnings growth this latest deal lessens the risk immensely to this earnings stream. I believe ICN will finally get a large expansion in the PE ratio. Lastly, Bill Nasgovitz, the mangager of the Heartland Funds, a value orientated fund who has had an excellent track record, is by far the largest owner. His fund family owns over 15% of ICN stock. ICN has always had a bad reputation on Wall Street but it hard to ignore its stellar progress and this latest deal adds creditability to the company.
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