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Biotech / Medical : Biotechnology Value Fund, L.P.
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To: scaram(o)uche who wrote (237)7/27/1998 4:09:00 PM
From: aknahow of 4974
 
Rick, if a biotech makes a deal with a big pharma and issues any type of securities to that pharma it has done so as a private placement. At times the terms of those securities might be construed to work against the interest of existing shareholders. All the S3 disclosures are a result of private placements and I think BVF has obtained some of its holdings as a result of private placements.

I will look at some of the BVF holdings and other biotechs and let you know what I come up with. Will keep an open mind as you could well be correct.

Pfizers ownership of 21% of the common of Neurogen is the result of private placements to it by Neurogen. These placements were not unfavorable to Neurogen but they were private placements and Neurogen will end up registering these shares to permit sales.
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