Vector, yes AVIR may settle in the high 20's if not higher at this rate. One long-term question on this one is that of valuation; as brought up earlier. What multiple of sales or earnings are the RS/H&Q people using? Are there vaccine "pure plays" one can use for comparison? PMC looks (very) complicated and CHIR's vaccine-related revenues are a fraction of total.
To put some generic stuff about Vical from today's Q-report (http://biz.yahoo.com/bw/97/08/04/mrk_vicl_1.html):
"In July 1997, Pasteur Merieux Connaught and Vical started a
Phase I clinical trial with an experimental DNA vaccine for
malaria, which triggered a $1.0 million milestone payment to
Vical. The Company's naked DNA technology is being applied
in a total of fifteen preventive vaccine candidates under
development by licensees Merck & Co. and Pasteur Merieux
Connaught, and independently by Vical.
``We are pleased that both Merck and Pasteur Merieux
Connaught have demonstrated their commitment to Vical's DNA
vaccine technology by initiating human testing of product
candidates,'' said Alain B. Schreiber, M.D., President and CEO
of Vical. ``We also are actively pursuing additional business
arrangements related to our proprietary naked DNA delivery
technology. In addition, we continue to progress with the
development of our cancer gene therapy product candidates.''
Clinical trial data for Allovectin-7, the Company's most
advanced cancer product candidate, were released during the
second quarter and warrant continued efficacy trials in patients
with melanoma and head and neck cancer. With Leuvectin, a
second cancer product candidate, a Phase I/II trial in prostate
cancer patients began during the second quarter and a Phase I/II
dose escalation trial continues in patients with melanoma, renal
cell carcinoma, and sarcoma." |
