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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Biomaven who wrote (1113)	5/18/2000 12:29:00 PM
From: dalroi	Respond to of 52153

Thanks peter Finding myself already reassured now ! am watching pricedecline to sell more puts However MLNM and incy are not moving in sync I dont get it why incy is dropping shorting on the convert mayby or is the Janus fund dumping 2M shares hope for the later cheers stefaan

To: Biomaven who wrote (1113)	5/18/2000 12:56:00 PM
From: nohalo	Read Replies (1) \| Respond to of 52153

Peter: I have been following your posts on this thread, and must tell you am very impressed by the depth of your research, and knowledge. Thank you for sharing. I also bought NERX today. Have not seen any news to account for the move today. Do you think that the ASCO abstracts are in any way the cause of this, or are we in line for FDA related news, or is this just momentum traders. TIA

To: Biomaven who wrote (1113)	5/18/2000 4:27:00 PM
From: Lighthouse	Read Replies (1) \| Respond to of 52153

Peter - A question "Seriously, though, I think spinning out the royalties would be a fantastic idea, and I have no doubt it would increase the overall market cap that INCY enjoys at present." Interesting proposition. In my overall INCY valuation model the most sensitive input number (derived from a laundry list of assumptions) is the overall NPV of the patent portfolio. Any movement on this if akin to hitting the outer arms of a mobile. The whole thing starts moving around. I imagine this is what happenedd today. Do you feel that spinning this off as a separate entity will allow more clarity on this piece and hence a better valuation? Or are the patent rights sold off via a "Bowie Bond" type offering and thereby getting a higher overall valuation? What do you use the cash for - if you already have $700,000,000 in the bank? To date I have always thought that retaining the patent rights increased the overall value of INCY. A highly tangible, albeit indeterminant, pure profit stream made INCY a guaranteed genomics/pharma player in the long run. How would spinning this out be of benefit? This is not a theological position of mine and I am happy to be "shown the light" if I have been wrong. Cheers,