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

To: Icebrg who wrote (502)	3/31/2003 8:23:01 AM
From: nigel bates	Read Replies (2) \| Respond to of 1022

Will have to give it some thought (and get around to reading the 10Ks in detail). There is a big difference in bv ($600m vs. $350m), though ABGX includes over $100m of 'intangibles'. Net cash is much closer - $217 vs $175 or thereabouts. The market is saying that '-010 is rather more ho-hum than '-EGF (nb Miljenko seems to back the ABGX mab, and that's got to be worth something :-)). I don't buy Genmab as 'diversification' - surely a MEDX clone ? ABGX's SLAM technology might also make significant difference. It's interesting that they aren't going to license it to anyone other than Celltech - As of February 28, 2003, we had also entered into one agreement in which we licensed our SLAM technology to one party on a non-exclusive basis for the purpose of generating and using antibodies other than antibodies derived from XenoMouse technology or other technology that involves the use of non-human animals, and on a co-exclusive basis for the purpose of antigen discovery. We do not currently intend to license our SLAM technology for use by any other parties... There's also the key target company relationships - ABGX/CRGN (and CAT/HGSI) looks a lot better than MEDX/OGS these days.

To: Icebrg who wrote (502)	6/3/2003 4:48:06 PM
From: Icebrg	Read Replies (2) \| Respond to of 1022

Abgenix vs. Medarex Two months ago I wrote: "Based on Friday's closing prices Abgenix now has a market cap. that is more than three times higher than that of its rival. (776 mUSD against 248 mUSD according to Yahoo). Historically seen, that is "too much" of a difference." Since then things have changed. Just about to move into the post-ASCO part of the year, we find the following market caps. Abgenix 778 mUSD for a gain of 2 mUSD (!). Medarex on the other hand has done much better and has found its perceived value almost doubled leading to a market valuation of about 480 mUSD. The valuation ratio has gone from almost pi @ 3,13 to 1,62 which is more or less about normal. Erik