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

To: Spekulatius who wrote (5925)	3/17/2002 3:25:11 PM
From: Crossy	Read Replies (1) \| Respond to of 52153

Spekulatius, thx alot for your reply. What you say makes a lot of sense to me and yes the govt' price controls are a problem. But if you find pharmas active in the entire Asian region that should help the firm overcome this countervailing force. Even better would be Japanese pharmas which strive for a US presence on their own. Maybe one should also look at Japanese biomaterial plays.. On the bigtest players, maybe you should have a look at Dainippon Pharma (4506.J) 1353Yen, and Tanabe Seiyaku (4508.J) around 1180 Yen. Both operations are between Y150-200bn in sales and both website do list their pipelines and foreign trials I could find with both stocks. Then I found 2 further companies that may fit the "foreign exposure" too NIPPON KAYAKU 520Y (4272.J) this one is 40% pharma and 50% fine chemicals, their pharma operation is around Y45bn - around $400m. PSR 0.78. In their annual report their pipeline is listed. 10 compounds. and KYOWA HAKKO KOGYO (4151.J) 770Yen 40% Pharma, 15% Biomaterials, 15% Chem, 25% Liquor & Food looks like having the strongest pipeline and they seem to aim for an international presence since their pipeline mentions US trials - I implied they do not want to license them fully. Maybe co-promotion. Hmmm.... Their pharma operation is around Y-140bn, PSR of 0.89, P/BK = 1.70 best rgrds CROSSY

To: Spekulatius who wrote (5925)	3/17/2002 10:57:48 PM
From: John Metcalf	Read Replies (2) \| Respond to of 52153

Chugai also had the lowest bond rating of the Japanese pharmas mentioned in the S&P article. I don't know the details of Chugai's financial position, so I'll take S&P's opinion. In regard to conglomerates, Japan Tobacco had an interest in drug development, though I haven't followed it since the Agouron days.