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Biotech / Medical : HuMAB companies

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To: Icebrg who wrote (502)	3/31/2003 8:23:01 AM
From: nigel bates	Read Replies (2) of 1022

Will have to give it some thought (and get around to reading the 10Ks in detail). There is a big difference in bv ($600m vs. $350m), though ABGX includes over $100m of 'intangibles'. Net cash is much closer - $217 vs $175 or thereabouts. The market is saying that '-010 is rather more ho-hum than '-EGF (nb Miljenko seems to back the ABGX mab, and that's got to be worth something :-)). I don't buy Genmab as 'diversification' - surely a MEDX clone ? ABGX's SLAM technology might also make significant difference. It's interesting that they aren't going to license it to anyone other than Celltech - As of February 28, 2003, we had also entered into one agreement in which we licensed our SLAM technology to one party on a non-exclusive basis for the purpose of generating and using antibodies other than antibodies derived from XenoMouse technology or other technology that involves the use of non-human animals, and on a co-exclusive basis for the purpose of antigen discovery. We do not currently intend to license our SLAM technology for use by any other parties... There's also the key target company relationships - ABGX/CRGN (and CAT/HGSI) looks a lot better than MEDX/OGS these days.

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