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Biotech / Medical : ARIAD Pharmaceuticals

ARIA 23.99

0.0%

Feb 17 4:00 PM EST

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To: Jongmans who wrote (222)	12/22/1997 10:00:00 PM
From: John S. Sturges	Read Replies (1) of 4474

Management seems good in ARIA but the pay off is 3yrs.+ away and the market is looking for earnings in these uncertain times. Centocor also did not help by missing the markets expectation in 2 of its products and also missing expectations of fees this past quarter. The whole biotech index took it on the chin with their results and of course the melt-down in Asia created a new level of fear. I believe ARIA has seen some tax selling and it is not terribly liquid. The best indications on this issue I believe are the partners they acquire and how much they pay. HMR paid a price nearly equal to the market cap to participate in 25% of what ARIA has. There should be another deal in the next 6mos. and it should be even pricier. ARIA is acknowledged to have a very solid research platform in controlling gene expression, in enabling gene based therapies and in sequencing and combinatorial chemistry. Peter Joseph ran Arcadian Partners for Robert Bass and has an eye for value I am told. I believe we need to be patient. Get the 10K, the description of their technology is well laid out. Best regards, John

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