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Biotech / Medical : ARRIS - Another partner -- Ignore unavailable to you. Want to Upgrade?

To: chirodoc who wrote (223)	11/9/1997 8:55:00 PM
From: John Metcalf	Read Replies (2) \| Respond to of 353

Chirodoc, I also added to Arris this week, but I did so by buying Sequana. It's just simple arbitrage. Arris shares will be converted into AxyS shares at 1 for 1. SQNA shares will convert at 1.35 to 1. At Friday's last asked quote, the arbitrage was mostly gone: stock asked effective price for AxyS share ARRS $10.69 10.69 SQNA $14.00 10.37 (3% less) When you buy your shares, divide SQNA's quote by 1.35 and compare it to ARRS quote. Buy the less expensive. As to outstanding CEO's, you might consider Peter Johnson of Agouron or Tim Barbarich of Sepracor. Henri de Genzyme would not be on my list.

To: chirodoc who wrote (223)	11/10/1997 1:48:00 AM
From: James Silverman	Read Replies (1) \| Respond to of 353

Chiro-Sorry for the confusion. I highly agree with you that following the management is as important as following the underlying company. Among biotechs that I follow that I feel are capably managed, I'd throw in AGPH and Peter Johnson, as doing a brilliant job, ARQL led by Eric Gordon has been stunning in their ability to attract quality partners and lucrative terms, MLNM and CEO Mark Levin brilliantly pieced together an integrated genomics drug discovery house that I personally find to be more impressive and more powerful than the ARRS/SQNA tandem. Thats just a few off hand. Judging managements is a subjective process but certainly there are plenty of capable companies run by capable people and again thats not to say that either John Walker or David Robinson are not more than capable, I just think the jury is still out. Walker for one, has been great at preserving shareholder equity and creating nondilutive financings which certainly points to his being dedicated to enhancing shareholder wealth which is just one major step in the process and is commendable.