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Biotech / Medical : Biotech Valuation
CRSP 55.08-2.9%Dec 26 9:30 AM EST
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To: Icebrg who wrote (8739)6/23/2003 9:32:36 AM
From: Icebrg  Read Replies (1) of 52153
 
BGEN - IDPH merger.

I may well belong to a minority of one, but I don't feel very encouraged by today's merger announcement. Here we have two of the relatively few success stories in biotech, with market caps above 6 billion USD and with substantial R&D resources at their disposal. They evidently feel that they cannot make it on their own. Instead they are reverting to the traditional pharma approach of merging in an effort to try to squeeze our some consolidation savings from the merged entity.

Perhaps one could argue that the deal makes sense from IDPH's point of view. They will gain access to significant resources on the sales and marketing side. But what's in there for Biogen? What do they see here? A steady although slowing stream of Rituxan-derived income? A stronger pipeline? If I was responsible for R&D at Biogen, I suppose I would feel rather p*ssed off.

Erik
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