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Biotech / Medical : XOMA. Bull or Bear? -- Ignore unavailable to you. Want to Upgrade?

To: Robert K. who wrote (6836)	7/29/1998 9:59:00 AM
From: aknahow	Read Replies (3) \| Respond to of 17367

Bob, this was of interest. Sure many have seen it, Rick and other S.I. members were also at the meeting. The tapes IMO are worth the cost. Think the Merck comparison must drive many holders of biotechs wild. "Biotech Investors Ponder -- Is Entire Industry Worth As Much As Merck? SAN FRANCISCO--(BUSINESS WIRE)--July 28, 1998--Are 180 biotech companies with more than 300 products in clinical trials and $7.5 billion in annual R&D spending worth as much as Merck (Nyse:MRK - news), a blue chip Dow stock with 20 products in clinical trials and $1.7 billion in R&D expenditures? The answer is ''no,'' at least not now, attendees learned at the 5th Informed Investors San Francisco Bay Area Biotech Stocks Forum held Sunday July 26. In fact, one could buy all the shares of the 180 biotech companies at current market prices and still have many billions left over for less than it would take to acquire Merck. The blue chip drug company's market cap is $166 billion vs. $79 billion for the 180 biotech companies combined. Therein lies the long-term investment potential for biotech investors who have the knowledge, patience and wherewithal to own stocks in this highly volatile sector, advised keynote speakers Peter Freudenthal and Kurt von Emster. Freudenthal is senior biotech analyst for BA Robertson Stephens and von Emster is portfolio manager for the Franklin Strategic Biotechnology fund (NASDAQ:FBDIX - news). Their presentations gave a thorough overview of the industry and prospects for many companies. "