SIBIA Neurosciences (SIBI) Message Board

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Biotech / Medical : SIBIA Neurosciences (SIBI)

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To: scaram(o)uche who wrote (353)	5/26/1999 12:17:00 PM
From: LLCF	Read Replies (1) of 579

<Second, this deal could be good or bad, from what we've seen thus far.> Yes, another thing I was wondering about is the equity part... ie. how much of the $8 million this year (or $20 million guarantee) is in return for equity?? < If the royalty ass'd with the option is %10 or less, it's a lousy deal IMO. > Yes, an option on these products is very valuable IMO, they can always punt. I suppose that the developement costs being paid are worth the value of that option (SIBI's view) and in LLY's view its a cheap call incase something good happends. It's funny the way big pharma plays VC, sprinkling water on plants they think might grow but making sure to keep as much of the upside as they can. There are certainly pleanty of sellers out there considering the guaranteed funds total 50% of SIBI's market cap... can that be right?? A quick reminder of the leverage involved with this thing... DAK

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