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Biotech / Medical : Biotechnology Value Fund, L.P. -- Ignore unavailable to you. Want to Upgrade?

To: nigel bates who wrote (3496)	6/5/2003 5:34:37 PM
From: Icebrg	Read Replies (1) \| Respond to of 4974

>>Very nice for CEPH if they can sell it, but what kind of idiot would be buying this stuff ?>> That is a very valid remark. But as we know the capital markets are mainly populated by idiots, who believe that they are a bit little smarter than the rest of the idiots. Don't you think that they have the buyer(s) more or less lined up before they go out and announce this kind of offer. And some investment bankers who have thought out a new way of pulling in underwriting fees. I.e. that this is a bought deal. I don't know - it will be interesting to see how they succeed. I hold some CEPH, so I am pleased to read about their efforts to reduce the dilutive effects. They have a lot of debt on their balance sheet by the way. 863 mUSD. The loan they want to repay is for 400 mUSD. I wonder how much we will have to pay for the benefit of not being (so much) diluted. So far Cephalon has only been marginally profitable, so it will be a major coup if they (or rather their advisors) can pull this one off. Erik