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

To: Icebrg who wrote (8793)	7/3/2003 5:54:18 PM
From: IRWIN JAMES FRANKEL	Read Replies (1) \| Respond to of 52153

Relative valuations: NBIX vs. SEPR I would add that NBIX has less than the whole of Indipilons value. I seem to recall others saying that NBIX's share of the net profits would be about half. PFE who is paying milestones of $400M, costs of development and a royalty will get the other half. IF that is acurate then ignoring products, pipelines and time to market but crediting milestones makes NBIX look close to SEPR. NBIX $1.0B for half vs SEPR $2.1B for all of Estorra. I know less about NBIX than SEPR but I prefer SEPR's products and pipeline. This may just reflect my ownership bias. <g> ij