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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: David Howe who wrote (3266)	6/8/1999 4:19:00 PM
From: Biomaven	Read Replies (2) \| Respond to of 10280

David, This would be consistent with the UCB release which implied that their view was that they invented it and SEPR just "added some value." On the other hand, SEPR's European patent has been out there for a good while now. One easy and interesting thing for you to do with your model is to break down the present value of each drug in the model. In other words, if your current PV is say $90, show that Allegra makes up $5 (or whatever) of this. If you want to be more elaborate, you could also show the percentage contribution of each drug for some different discount rates. Peter

To: David Howe who wrote (3266)	6/8/1999 6:20:00 PM
From: Don Miller	Respond to of 10280

David, & Peter I have been wanting to suggest Peter's concept for some time. In order to produce the PV of each drug you will have to apportion the operating expenses across each drug. Peter can you provide some guidance here, I would have tried % of sales but this seemed so poor that I did not offer this concept before. Can we project a cash flow time line for a typical drug, say % PI, % PII/III, %NDA or whatever milestones are appropriate then project the dollars to develop on a drug by drug basis.