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Biotech / Medical : Biotech Valuation
CRSP 58.09+0.9%Dec 11 4:00 PM EST
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From: Ian@SI10/12/2007 5:10:07 PM
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I couldn't imagine why BIIB would issue the following PR (summary thereof) until I saw the second last line.

4:43PM Biogen Idec issues statement; co says Board of Directors has authorized management to evaluate whether third parties would have an interest in acquiring BIIB (BIIB) 69.43 +2.31 : Co announced that its Board of Directors has authorized management to evaluate whether third parties would have an interest in acquiring the Co at a price and on terms that would represent a better value for its stockholders than having the Co continue to execute its strategy on a stand-alone basis. The Board emphasized that Biogen Idec's strategy is working and generating strong operating and financial performance. The Board noted that it is confident that the Co's business outlook, described in BIIB's press release on September 6, will result in attractive value for stockholders. Nevertheless, to determine whether potential strategic interest on the part of major pharmaceutical companies might result in superior value in the current environment, the Board has authorized management to explore interest in a transaction with BIIB. In addition, the Co disclosed it has received expressions of interest, including one from investor Carl Icahn. The Co does not intend to disclose further information regarding the status of its evaluation until the process has been completed.
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