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Biotech / Medical : Texas Biotech (TXB)

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To: Ken Crooks who wrote (267)	8/8/1997 3:02:00 AM
From: X. Fang	of 834

The deal with SB includes an $11.5 million front payment. It consists $8.5 million cash, $1 million in stock at $5.65/share, and $2 million in a 12-month put agreement (does anyone know the striking price of this agreement?). I don't know whether the equity part of the deal has anything to do with the stock price movement for past two days. But I think that $32 million plus near 15% royalty rate plus most further development cost is a great deal. It should push the stock price into +10 level in a few month.

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