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Biotech / Medical : Pharmacyclics (PCYC)

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To: Doug Meetmer who wrote (6)	9/13/1996 2:30:00 AM
From: John Metcalf	of 717

PCYC has rebounded to above $14 from $11.50 in the last four weeks. There have been three news events: 1) They pulled their follow-on share offering due to low stock price (close to their IPO price), indicating lack of desperation at least. 2) They announced the acheivement of site-specific cleavage for their ribozyme, making them a player in the hot field of genomics. 3) Today, they announced a deal with Hoescht-Celanese to manufacture texaphyrins at HC's new, technologically advanced plant in Corpus Christi, TX. This last is a stunning and curious development. Why is HC, an $8B chemical company, going to devote hi-tech production resources to making small batches of product for clinicals trials for a little known, relatively new biotech? HC got worldwide rights to texaphyrin manufacture in the deal. As a chemical company, they must see potential for making a lot of them! PCYC has more than a dozen texaphyrin patents. How many of them can get to commercialization with sufficient volume to justify HC's interest? Speculation, anyone?

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