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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM) -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (1910)	10/27/2003 5:39:51 PM
From: Icebrg	Read Replies (3) \| Respond to of 3044

What strikes me in today's PR is what appears to be a very poor leverage achieved from the combined efforts of these two companies. After 5 years, 460 drug targets have been identified, costing Bayer "up to" 465 mUSD. A million dollar per target is perhaps not very expensive. On the other hand, will they be able to work with all of them in a practical way or will they just remain potential targets? But all in all the venture has so far only resulted in 2 targets for which pre-clinical candidates have been identified. It is perhaps not so strange, that the German side didn't wish to continue the venture. Whether Bayer really has paid the full 465 mUSD or only a part of the amount is not known. Which is maybe the best thing for Bayer, protecting them from a potential source of embarrassment. Erik