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

To: nigel bates who wrote (17057)	6/13/2005 10:04:10 AM
From: Robohogs	Read Replies (1) \| Respond to of 52153

Doesn't this kind of look like the off-B/S vehicles which ELN and AZA used to utilize? Jon

To: nigel bates who wrote (17057)	6/13/2005 11:53:39 AM
From: keokalani'nui	Respond to of 52153

>>the attraction for the Symphony investors...?<< Only risk for SI is if ALL cpds fail. IF GSK wants any one, EXEL has to pay SI a 'pro-rated' premium over the 'average' premium. I bet SI gets at least made whole (probably with a interest-equivalent return) if just one cpd is advanced, and still have upside with remaining cpds. As these are all P2 cpds, those odds are better than you and I get buying equity, and they know their investment is only being spend on clinical development of cpds they are confident in. (haven't listened to cc yet)