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Biotech / Medical : Biotechnology Value Fund, L.P.
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To: scaram(o)uche who wrote (3517)6/16/2003 8:55:52 PM
From: IcebrgRead Replies (2) of 4974
 
Icos terms.

Those terms look very good for Icos. The money is almost free. It is almost like an IPO at a price that is 43 % above market. Evidently both sides believe that we will se an approval of Cialis in the US.

But I have some problems in understanding the buyers of the bonds. There must be a dearth of good places where it is possible to park money these days. They will just collect 2 % p.a. and will have to wait for the stock price to rise 43 % before the convertibles are in the money. Why do they even consider these things? A holder of the stock can at least enjoy the upside of 43 %. While the bondholders collect next to nothing. True, they will have some extra security. But that will not be worth much if Cialis fails. Unless there is a special FDA default clause in there somewhere, which allows them to ask for the money back if FDA would turn down the amended marketing application.

Erik
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