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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Flagrante Delictu who wrote (14080)	2/2/1998 5:27:00 PM
From: Henry Niman	Respond to of 32384

Speaking of optimistic prescription, Joe Kernan gave a summary today and was very bullish on Biotech and Molecular Genetics. He again mentioned an expanded R&D budget as a major driver of the GLX/SBH merger. He said that the large number of gene sequences available and combinatorial chemistry created numerous opportunities which were enticing to the big pharmas, who were like kids in a candy store. He suggested that more mergers were very possible and then he put up market caps on candidates. For smaller pharmas he listed ZEN, WLA, and SGP. For Biotechs he showed HGSI and AMGN. Later Bill Hazeltine of HGSI was shown. He also emphasized the overwhelmimg nature of the available sequences and comment on the increasing expense, as potential products moved forward. Later Sharon Epperson did a recap that concentrated on AHP. She noted that they were disappointed about the sequence of events, and suggested personality clashes as will as potential phen-fen liabilities (a film clip of Redux was shown) may have busted the deal. PNU was mentioned as an AHP partner as were WLA and ZEN. MRK was #1 in 1997, but a merger by them was considered unlikely. It was suggested that MRK would instead rely on innovation. Clips of the Hemant Shah interview were shown. He felt that the big pharmas really didn't have to do anything because they were large and very profitable. The segment closed with a prediction of slow but steady consolidation for the next five years.