Indevus Pharmaceuticals (NasdaqNM:IDEV) Message Board

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Biotech / Medical : Indevus Pharmaceuticals (NasdaqNM:IDEV)

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To: Arthur Radley who wrote (62)	1/14/2008 10:49:03 PM
From: Arthur Radley	of 78

Oppenheimer and Leerink Swann issue reports on IDEV today.. Oppenheimer is a initiating report by Elliot Wilbur Indevus Pharmaceuticals (IDEV): Our price remains $12.00. We value the base business of the combined company at $10.00, applying a multiple of 16.0X our FY2012 fully taxed EPS estimate of $0.99 (which is in line with the spec. pharm group average) and then discounting it back at 15%, which we believe adequately reflects the risks associated with late stage clinical development. We have also assigned a per share value of $2.00 to reflect the upside potential of Indevus'two late-stage development candidates, pagoclone and PRO 2000. Eight page report. Wilbur puts a 25% probability on Pagoclone approval. If it is approved, he assumes 4.5% market share with 20% margins.

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