IDPH--Positive preliminary results for pivotal trial of ID Message Board

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Biotech / Medical : IDPH--Positive preliminary results for pivotal trial of ID

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To: PSC who wrote (1248)	9/10/1997 11:52:00 AM
From: I. Luttichuys	of 1762

Wow! I'm in Med School right about now and, today is a hell of a day so, I don't think I'd be able to elaborate on what little I know about such deals. Essentially IDEC is giving current shareholders (us) the right to buy IDPH stock at a discount if a single entity purchases more than 15% of the company outstanding stock. The entity which purchased the stock in excess receives no such right. The result is that taking over the company becomes substantially more difficult and expensive. The shares purchased by the entity must be purchased at a premium and the number they must purchase becomes larger. It's an anti-take-over bit, essentially. If the company is taken over anyway, it will tend to increase the return to original investors. IDEC could be the target of a move given the quality of their pipeline. Brad, whom I have not seen around these parts for awhile, could discuss this topic in extenso... I'm sure. I have not read the material on it responsibly and what I have said above is generally correct, I think but, I am not sure about all of it. BENNETT

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