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Biotech / Medical : Somatogen (SMTG)
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To: Kirce Stojanovski who wrote (330)12/3/1997 10:06:00 PM
From: Bharat H. Barai  Read Replies (1) of 442
 
Lilly is an excellent company but has made some decisions in past which have proved to be wrong.

(1) Lilly decided to spin off its medical devices-cardiology section at $14.0 as poorly performing unit as "Guidant". After 2-1 split this "poorly performing" unit is around 60.

(2) Lilly bought McKesson, pharmacy service unit for over $ 4 Billion. I dont know why any one would pay billions for a pharmacy warehouse outfit. A very low tech, no brainer operation. This year they realsized the folly and took charge of $ 2.6 Billion for that purchase.

Clearly, Lilly has lost one of a life time opportunity to market a very revolutionary product. As a Hematologist, I have visited the Somatogen and its manufacturing operations and had detailed scientific talks with their technical staff. I could be wrong too, but I am more than satisfied that we have a revolutionary product in brewing. Somatogen does need a financial partner. I think they are holding very active discussions with quite a few of them. To quote Andre De'Bruin on Oct. 18, 1997: "We are farther along with two of them, then with quite a few others" My guess: Amgen. Let us see.

A Note: Chances of any postive results from Hematopoetic stimulations studies are slim. Do not get disappointed at that news and dump the stock. If that news turns out to be positive, it will be lottery, but I doubt that. Open Heart studies results should come out fine.

B.H. Barai MD
Hematologist
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