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Biotech / Medical : 2011 Biotech Charity Contest
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To: technetium who wrote (153)2/6/2011 3:38:53 PM
From: Biotech Jim  Read Replies (1) of 400
 
CVRs, contingent value rights, represent potential future value dependent upon future success. LGND has made a few deals lately regarding CVRs from some of their buyouts. For example if certain specified programs hit success, or if programs are outlicensed, then these CVRs represent payouts to the original shareholders. Also, as another example GENZ has discussed with SNY a CVR for Campath if it hits it big in rheumatoid arthritis. Part of the buyout discussion as reported in the public press has resulted in a disagreement as to the current/future value of Campath, thus the CVR.

My view is that for our Biotech charity contest there should be no value provided for a CVR, since it simply may not happen and it would be hard if not impossible to put a NPV on the CVR.

BJ
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