Myron:
Cox-2 inhibitors. Yeah, they should be every bit as good as advertised, but, no, I didn't see the New Yorker article.
They've already put a lot of steam in Merck and Monsanto, and the Searle project is one factor that, IMO, made Monsanto so attractive to American Home Products.
I feel that the combination of Monsanto and AHP has been under-appreciated. In that sense, I'd say it's a buy. But, that's only on a basis relative to other pharmas, which are rather lofty, as a class, in valuations. So, if I had to guess..... I'd wait, either for the "earnings dilution" ass'd with Monsanto to take its toll, or for a correction (sector or otherwise).
Pharmas are so expensive, and biotechs are so cheap. Of course, I was calling Pfizer expensive a year ago. ;-(
Rick |
