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To: Joe Krupa who wrote (8299)	12/24/2001 8:44:53 AM
From: Joe Krupa	Read Replies (5) \| Respond to of 14101

To All - A very Merry Christmas to your and families! (eom)

To: Joe Krupa who wrote (8299)	12/24/2001 12:24:15 PM
From: axial	Respond to of 14101

Good stuff, Joe - I did a little back-of-the-envelope calculation last night, too. Trying to analyze the Acqua deal, one gets a feeling of some admiration for the way they have crafted it. The calls threw a monkey wrench into my calculations. In the end, I settled for this... "Given the present volumes, and given the fact that the market is beginning to realize it can buy into late-stage pharma with 2 drugs in Phase 3 (whose efficacy is already widely-documented), when will the draw end?" Answer: Soon. Merry Christmas, everyone! Jim