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Biotech / Medical : Biotech Valuation

CRSP 55.11

-2.6%

Nov 7 3:59 PM EST

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To: Ian@SI who wrote (13409)	10/7/2004 7:34:25 PM
From: Michael Young	Read Replies (1) of 52153

<<Seems that the market is putting a litigation discount into all DRG/BTK related issues. Given that many of those being trashed today don't even have an approved drug, can this beating be viewed as a very optimistic outlook for the emerging biotechs?>> There is no doubt the Vioxx trouble is causing negative sentiment toward the entire sector. But the reality isn't nearly so grim. Vioxx happens to be one of those "perfect storm" scenarios that will hurt Merck for a very long time. I don't think it means increased litigation or approval risk for the entire sector. The biggest impact will be felt for "me too" drugs with even the slightest hint of safety issues - although I guess the "me too" issue is being found increasingly through big pharma. Mike

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