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Biotech / Medical : VD's Model Portfolio & Discussion Thread -- Ignore unavailable to you. Want to Upgrade?

To: Vector1 who wrote (8341)	10/17/2000 12:15:35 AM
From: RCMac	Read Replies (2) \| Respond to of 9719

>> The CEO of Corixa has a reputation as a ruthless deal maker. I think he got a bargain in CLTR. Isn't this the same guy who used to be the CEO of Immunex? << Yes. See the January TWST interview with him, linked in post 8336. CRXA's CFO on CNBC at about 5:20 made the point that the FDA's date for acceptance or rejection of the Bexxar BLA is before the date for CRXA and CLTR shareholder approval, so that the CRXA shareholders could reject the deal if the FDA again rejects the BLA. In other words, CLTR sold CRXA an option to buy CLTR. Ruthless indeed. -- RCM

To: Vector1 who wrote (8341)	10/17/2000 10:00:20 AM
From: scaram(o)uche	Read Replies (1) \| Respond to of 9719

>> my question is why did CLTR sell at this point. << Strange deal. I like the scientists, those who I am familiar with, but CRXA resources always seem to get diverted to lame, disappearing stuff. I agree with Wilder. Want any new blood for the portfolio? Tax selling is hitting VPHM hard, current ask is 19 3/8. Cash in the bank is not theirs, but.... for a very small differential (currently less than $100M, I believe) between that cash and MC, one gets three anti-virals in humans.... pleconaril, HCV (progress recently recognized by Wyeth-Ayerst) and RSV. J.P. Morgan was selling yesterday at 20 3/8, not for the faint of heart at this moment. Another suggestion is TELK at ask 6 1/2. Recent IPO at 7, below estimated range of 9-11, it has struggled. I'm not nuts about the TAP in phase I, but I'd love to be wrong. Retained rights to all projects, all geographies for some. Lots of leverage, and what appears to be a good combichem process underlying it.