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Biotech / Medical : GZSP, Genzyme Surgical Products -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (22)	7/15/1999 2:16:00 PM
From: jeffbas	Read Replies (1) \| Respond to of 55

That is my view too, David. I was out this morning so missed the sale opportunity, but I am not sure I would have sold anyway. We know the stock has been depressed to an unreasonable price by institutional unwanted dividend selling. What we did not know until today was whether there was any big money that was in our value camp AND willing to pay higher prices. The cash is worth $9 per share; in my opinion, the $100 million sales surgical business is worth $6 per share; the $15 million sales Seprafilm business I will give $1 per share (but defer to all you folks who know biotech values much better than I); the biotherapeutic R&D business I will through in for free, since I don't have a clue. I add up to $16 and see no reason at all why $6 should be it. In my opinion, the current price does not change the undervaluation materially, while a price of $9-12 would.