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Biotech / Medical : Invitrogen IVGN

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From: tom pope	6/24/2008 1:24:27 PM
	of 73

Merrill Company Updates Invitrogen Corp (IVGN, US$38.62, B-1-9) Merger postmortem: What will rise from the ashes? We reiterate our Buy rating on IVGN with PO of $52. Given the fall-out from the IVGN/ABI merger announcement, IVGN is down 11% since the announcement, we have spent the last week analyzing the proposed transaction in as much detail as possible. As the dust continues to settle we think investors will begin to see things more clearly; however, we also believe that a full stock recovery will take time as IVGN is once again a “show-me” story. One of the elements that strikes us most about the proposed transaction is the divergence between how Wall Street and industry insiders view it. We think that there are three primary reasons why investors have punished IVGN’s stock: First, many investors feel that they were misled on the firm’s appetite for a large transaction; Second, most are convinced that there will be significant integration hiccups; Finally, many think that ABI is simply a bad asset.

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