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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (80925)	5/19/2000 3:58:00 PM
From: Spekulatius	Read Replies (2) \| Respond to of 132070

Well, you are right nobody wanted to have INCY when the stock was at 20$ but everybody jumped on the train at 100$/share. I do not care what the stockprice was a year ago. At a stockprice in the mid-fifties, we have a total valuation of 1.7B$ for INCY. If we subtract the 650M$ in cash we have an enterprise value of a bit more than 1B$. Personally, I didn't want to buy INCY in the twenties because I thought their businessmodel was flawed. During the last few month it became increasing apparent, that the INCY subscribers will develop a significant part of their pipeline with INCY data, which can boil down to a royalty stream of the hundreds of million $ per year. On top of that,we have got subscription fees from the databases, Internet access to genomics data for smaller companies (biotechs) and an increasing array of tools (clones etc) for genomics research and drug development. So chances are pretty good that we are just at the beginning of a genomics gold rush and INCY will supply many of the shovels. Again, after a correction that might will take the NASDAQ to 2900-3000 INCY could be a very good LT investment.