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Biotech / Medical : Biotech Valuation
CRSP 52.51+2.7%Nov 14 9:30 AM EST

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To: Biomaven who wrote (10179)1/28/2004 5:39:52 PM
From: Biomaven  Read Replies (5) of 52153
 
BIOTECH COMPANIES DEMYSTIFIED (first draft)

AMGN
You have two cows. Cash cows, so sit back and enjoy them.

GENZ
You have two cows. You discover they are really goats, so you spin them off to GZTC. That doesn't work out, so you buy them back from shareholders in exchange for excess manure.

SEPR
You have two allegedly improved cows. One is asthmatic, the other allergic. The allergic cow is killed by the FDA, so you buy a new insomniac cow using zero coupon fodder futures.

ICOS
One of those two cows turns out to be a bull.

MAXM
One a subgroup re-analysis you discover that one of your two cows is nearly significant.

CRA
How come nobody wants to buy our remaining cow's genome? (The other cow was accidentally shot in the course of a shotgun genomic analysis).

BIG PHARMA
Two cows and twenty-two thousand bureaucrats to manage them.

Peter
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