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Biotech / Medical : Munch-a-Biotech Today -- Ignore unavailable to you. Want to Upgrade?

To: nigel bates who wrote (952)	12/11/2000 9:01:10 AM
From: Biomaven	Read Replies (2) \| Respond to of 3158

This was a significant premium (nearly 40%). Most of the other acquisitions have been more in the 20%-30% premium range. BCHE has always been cheap on a PE basis for reasons that were never clear to me, but never looked like they were going to change. Maybe because it was Canadian, or maybe because it was concentrated in "old" AIDS drugs that people worried might be replaced some day, or maybe something else - who knows. Interestingly, the BCHE short position halved between October and November after previously rising steadily for months. Peter