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Biotech / Medical : Agouron Pharmaceuticals (AGPH) -- Ignore unavailable to you. Want to Upgrade?

To: Peter Church who wrote (3059)	12/2/1997 11:29:00 AM
From: Henry Niman	Respond to of 6136

Peter, Here's one of David's comments on Thymitaq: techstocks.com

To: Peter Church who wrote (3059)	12/2/1997 11:47:00 AM
From: Steve Fancy	Respond to of 6136

Ok, my notes from the conference call with Elise Wang at 9:00 this morning: - Two announcements; 1) Agouron and Roche to End Cancer collaboration; 2) Agouron to Discontinue Development of AG337 - Roche situation was apparently initiated on November 20 as they began discussions. She regards them as totally separate issues. (Comment: sure sounds like some folks knew this was coming...now we know why the stock was dropping. I wonder if any insiders sold and how many brokerage houses got a jump start on selling - situations like these really make me angry). - She feels that Roche discontinuation had nothing to do with the products, but instead was the result of a large aquisition that Roche is in the processor and an internal reorganization. She feels this is more the result of a strategic reassessment by Roche. - Elise claims this may not be dissimiliar to a situation with ELY in 1993 where ELY decided not to continue a partnering program with AGPH on Viracept. Agouron reaped the benefits due to 100% rights of the product. - Maintaining buy rating - lowering price targets to 65-70 - Largest impact will be change in contract revenues. They had estimated 60 million for fiscal 99 and 2000. These have been reduced by about 40% to 38 million for 99 and 45 million for 2000. This year the affect to contract revenue she feels will be minimal...reduced to 56 million from 58. - Viracept clearly going to be the driver on an ongoing basis, at least for the near term. (my comment: one drug company) - AGPH plans to aggressively pursue their cancer products. - MMP inhibitor currently in phase 1 studies...move into phase 2 probably spring next year. - Other drug, potentially a blockbuster Rhinovirus...they are aggressively pursuing identification of lead compound and hope to move forward end of year, beginning of next year. - still expecting strong upcoming quarterly earnings in January - Still expecting positive data on Viracept in February - views as an opportunity to buy more shares sf