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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: David Howe who wrote (6037)	6/18/2002 12:03:42 AM
From: rkrw	Read Replies (2) \| Respond to of 10280

What would it matter to TB, DS etc.? They'll just continue to hand themselves their standard 200K or so options per year, heads they win, tails they win. They've consistently granted themselves outsized and exorbitant annual option awards imo. I'm completely opposed to repricings. Repricings where underwater options are exchanged for a small fraction of repriced options are at least tolerable. I don't know about you, but I would work equally hard whether I had 100K options, 5K options, or 0 options. I don't buy this employees need extra motivation crap. They all get healthy salaries and annual option awards as it is and a low price means they'll be getting low priced options for 2002 irrespective of any repricing of existing options. If one can't give an honest days work for an honest days pay without options, they should find a new job! A brief look at the document shows sepr is exchanging 5.4M options at an avg price of $45 for 5.4M with a strike of $18 or more. Some motivation. Sepracor was at about $45 when soltara was rejected, now 3 months later it's at $10, so sepracor employees can thank the lack of deep tissue steady state examinations for repricing their 5M+ options. Sadly, I suspect we're going to see a slew of bio repricings.