Pharmacopeia, Inc. (ACCL) (Prev: PCOP) Message Board

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Biotech / Medical : Pharmacopeia, Inc. (ACCL) (Prev: PCOP)

ACCL 4.340

+7.4%

12:35 PM EST

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To: Jim Lang who started this subject	1/2/2004 10:26:57 AM
From: long_money	of 179

company to spin-off drug discovery unit Pharmacopeia announced that it was separating its drug discovery and software businesses into two independent, publicly traded companies. The company expects to spin-off its drug discovery unit to shareholders in a tax-free transaction by the end of Q1 2004. Following the spin-off, the parent company will change its name to Accelrys Inc. to reflect its focus on its scientific software business, which counts leading materials science and nanotechnology research labs among its major customers. "Over the last few years, it has become increasingly apparent to us that operating our scientific software and drug discovery businesses within a single publicly traded company has prevented each business from reaching its full potential," said Pharmacopeia CEO Joseph Mollica. "Through the separation, each company effectively will be a `pure play' in its respective industry, which we believe will enhance its individual prospects for success. Moreover, in our view, the financial markets should be better able to assign more accurate valuations for each business." Pharmacopeia's Accelrys unit generated approximately $54 million in revenues for the first nine months of 2003 and $95.1 million in 2002. Accelrys expects it will have between $90 million and $100 million in cash, with no debt, after the spin-off. It's always been our contention that the market had undervalued PCOP because of its corporate structure. We're confident the company's decision to separate the businesses will be a rewarding one for shareholders and continue to rate PCOP a Buy. Forbes Wolfe Nanotech Report Nanosphere Alert

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