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Biotech / Medical : Munch-a-Biotech Today
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To: LLCF who wrote (179)2/23/1999 9:50:00 AM
From: aknahow  Read Replies (1) of 3158
 
Agree with all you are saying. Would add that it can also be seen as sign company thinks the buyback is beter use of its' money than development.

However, do not understand this:

"There are no "proceeds" as such from a buyback."

The individuals or institutions who tender get the proceeds and while some of these funds will not be reinvested in anything and some will go to other sectors I still believe that a good portion end up back in the same sector. My point being that a buyback, while not as directly positive as a buyout of another biotech is still a positive event. But since we have had trouble measuring even the positive impact of buyouts on the sector, I concede it will be impossible to prove a buyback helps at all.

Also, since the biotech sector is not flush with cash I also would not
expect to see this happen as much as in another sector where buyouts were starting to become common..
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