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Biotech / Medical : Biotechnology Value Fund, L.P.
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To: rkrw who wrote (291)10/10/1998 9:14:00 AM
From: Biotech JimRead Replies (2) of 4974
 
Let me clear up some confusion regarding my prior post. Also, sorry for the delay in posting this since very exciting work this past week has gotten in the way.

From a close read of the press release, I see that "Bayer will make a total investment in Millenium of up to $465 million. Of this up to $368.4 million will consist of guaranteed funding and performance fees ... developed by Millenium."

So, aside from the $96.6 million to be paid as an equity investment, it is the "up to's" that have me perplexed. There is no clear specification in the releases about this. Besides, I heard from a little bird that it was back end loaded. Lampert did not say it was such a deal. I did.

You are 100% correct about the GLFD/AMGN deal. That has to be the epitome of a back-end loaded deal.

Thanks for raising the question, as I appreciate the opportunity to clarify my remarks. I do not have any holdings in any of the companies mentioned above. Regards and best of investing luck.

BJ
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