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Biotech / Medical : Munch-a-Biotech Today

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To: Icebrg who wrote (1477)	2/20/2003 6:59:12 AM
From: Icebrg	Read Replies (2) of 3158

>>It is too confusing.>> Yes, evidently it was. At least for me. The merger is with ENZN and not with ENZ. Still, if I was a holder of NPSP stock, I don't think I would have been too happy about the choice of partner. ENZN sports 200m plus in cash but also 400m of long-term debt. (The industry consolidation is after all supposed to be driven by cash or rather the lack thereof). Negotiating this deal over a period of a year must have been a match with constantly moving goal posts. While NPSP has lost "only" about 20 % of its market cap ENZN has lost abt 65%. Erik

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