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Biotech / Medical : T/FIF Portfolio
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To: Larry Liebman who wrote (306)12/19/1998 11:56:00 PM
From: Biomaven  Read Replies (4) of 1073
 
Unfortunately AMGN seems to be able to find nothing better to do with its cash than to buy back $1 billion of its stock every now and then.

Only CHIR has explicitly said that it's looking for acquisitions, but they have also said that they are in no hurry, and are principally looking for late stage projects.

I think some acquisitions at a premium are the only thing that are going to liven up the third tier any time soon. I expect to see a few "rescue" acquisitions at fire-sale prices, but these are going to be a negative if anything.

The disparity between the first and third tier is indeed growing, but you only have to look at the discrepancy between the S&P 500 and the Russell indices over the last decade to see just how long such a divergence can continue to expand.

I see that PGEN is closing operations, even though genetics-based stuff seems to be creeping back into favor. Let's see if anyone picks up any of their IP.

So I guess I'm still basically in "show-me" mode for the third tier, particularly for companies a long way from a product. Even enthusiasm by partners doesn't seem to move these stocks right now (look at OSIP/PFE or NPSP/AMGN), and so I'm waiting for signs of the big guys showing up with their check books.

Peter
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