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Biotech / Medical : Munch-a-Biotech Today -- Ignore unavailable to you. Want to Upgrade?

To: W PAUL who wrote (152)	2/17/1999 5:58:00 PM
From: Biomaven	Read Replies (1) \| Respond to of 3158

What do you make of the ASCT/ALO option to buyout? Could this be a new paradigm? I've never followed ASCT, so can't comment on the merits of the deal. The deal itself was interesting - basically solid finance in exchange for a buyout option at the higher of a fixed dollar amount or a multiple of operating earnings. It's basically a procrastination on the part of the muncher, with a fair amount of upside left to the holders of the munchee. Speaking of options, this reminds me that we should be finding out soon (end of March) about Genentech/Roche. I assume Roche will either gobble up the rest or re-negotiate the deal to maintain an option. The stock was trading above the buyout price for a while, implying that someone thought that Roche wouldn't simply exercise their option. Remains to be seen whether that someone was an informed someone or an uninformed someone. <G> Nice deal by INHL with BGEN today - further confirmation that pulmonary delivery has a future. Interesting that they went with INHL rather than ARDM. If we ever get a profitable delivery company with a proprietary niche they're bound to do well. I own a little INHL and a fair amount of SKYEY (via DEPO). FUSE might be a good buy after its meltdown today, and ARDM is still interesting. They're not necessarily ideal munch candidates for big companies, though, because if they aren't independent that restricts the products they can deliver. Peter