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Biotech / Medical : VICL (Vical Labs)
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To: William Strop who wrote (425)11/6/1997 9:47:00 PM
From: A.J. Mullen  Read Replies (1) of 1972
 
Bill, I was one who sold recently, having held for at least three years. Nothing had seemed to have happened for over a year, then there was the new agreement for Merck, which I read less positively than others on this thread.

I suspected the premium was simply that necessary to compensate for the dilution of the new shares. If so, Merck were getting their rights as a 'free bonus' for purchasing the shares. Clearly I was wrong. The dilution it turns out is small, much less than 25%. If the premium at been presented as an upfront payment of $1.2 M, I would have been more impressed. Nevertheless, if you get the profile of Vical through Yahoo, you will see their revenues have declined 50% due to reduced payments from Merck. I'm not sure if the new agreement will restore that decline.
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