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To: Clint E. who wrote (18743)	12/8/1998 10:45:00 PM
From: Tiley	Read Replies (2) \| Respond to of 67962

Hi Clint, Valid concerns on AMGN's products. The upside is capped at the current price barring any takeover rumors (Also because of fed pressure on EPO pricing). However remember that the co. generates a lot of cash and has an active buyback program. Do not look for a deep slide on this one. I think 70 would be a good entry point. Good call on the markets. I was out of LEVL yesterday @34 3/4. I think more downside is on the cards - too many people too complacent right now. Later, - MJ

To: Clint E. who wrote (18743)	12/21/1998 7:00:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 67962

Friday AMGN won its dispute with JNJ over rights to a new and improved EPO (AMGN said it was a new molecule and not covered by the 1985 EPO deal with JNJ). This decision by the arbitration panel isn't appealable and should be a major boost to AMGN's bottom line, which would increase their ability to acquire smaller Biotechs. Today's WSJ discusses the decision and notes that the vote should provide a boost to the entire Biotech sector. Details linked to the Biotech Boom table at biocognizance.com