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Biotech / Medical : Immunex

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To: Adrian Wu who wrote (14)	12/20/1996 6:11:00 PM
From: Howard Henick	of 656

Adrian, you seem to have a grudge against Immunex. May I ask why? Also, your statement about changing hands several times is extremely misleading. In truth, all that happened was that American Cyanimid purchased 54.6% of the company first; and then American Home Products bought American Cyanimid which of course included Cyanimids stake in Imunex. In fact; Cyanimid paid a lot of money for Immunex especially in light of the revenue guarantees it made for certain drugs; which STILL has a present value of over 100 million dollars for the next 2 years. That is why AHP tried to steal it last year for 14.50 a share; as they had to pay them almost 4 dollars a share over three years anyway and the company had like a 4 or 5 dollar book value on top of that; plus several drugs on the market!

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