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Biotech / Medical : ARIAD Pharmaceuticals

ARIA 23.99

0.0%

Feb 17 4:00 PM EST

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To: Henry Niman who wrote (249)	3/12/1998 1:33:00 AM
From: Larry Liebman	Read Replies (2) of 4474

With ARIA hiting a 52 week low, I called the company for their take. The following was offered: (a) The 1997 genomics deal with HMR is currently worth more($85 million+) than the capitalization of the company($75 million). The deal is actually greater than stated as HMR bought the INCY database and is contributing labs/research in Germany. (2) The company believes there will be news this year regarding reaching a milestone in the HMR osteoporosis program which will trigger a significant cash payment. (3) The company is expecting to initiate 2 clinical trials in their gene therapy program in 1998. (4) They believe their "gene-switch" technology is a broad platform involving the entire gene therapy universe. (5) Active negotiations continue in partnering programs in allergy/asthma & immune related diseases. As I see it, ARIA presents a compelling risk/reward value at $3 3/4. I would buy here.

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