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Biotech / Medical : Crucell N.V. (CRXL) -- Ignore unavailable to you. Want to Upgrade?

To: nigel bates who wrote (77)	10/15/2002 2:27:22 PM
From: keokalani'nui	Read Replies (1) \| Respond to of 560

3q02 CC. May I be free with some thoughts? Formally withdrawing from active Mab licensing. Casting around for a properly focused, internal Mab program. Clearly there is a lot more development work associated with their mab candidates, as demonstrated by JnJ collab and failure to sell any more expensive licenses. Easy to be impressed with the number of PerC6 licenses, vaccine and protein production platforms--but might as well subtract the gene therapy licenses. And very confident about delivering a couple more in 4q02. It is very hard to value these licenses however. Is there really risk diversification where a Merck hiv vaccine problem would be a serious setback to financial hope? I would like to see some DCV estimates for, say a Flu vaccine manufactured on Perc6. Nigel, ever seen any analysis like this? Basically, an estimate of the production royalty. Maybe its already in the thread (if so, sorry!). Company is by lip service nicely concerned with husbanding cash, but the big question will be whether it redeploys the Mab RnD (40%) or cuts it altogether. This will be tough decision for management. Looks like another temptation into IDDH, internal drug development hell. IMO, time to keep JnJ and spin out the rest; let others cut the product price. Not selling any at the moment. Wilder