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Biotech / Medical : Aviron -- Ignore unavailable to you. Want to Upgrade?

To: Cacaito who wrote (462)	3/18/1999 9:48:00 AM
From: Biomaven	Read Replies (1) \| Respond to of 645

Cacaito, The bonds are at 5 3/4%, convertible at a fixed price of over $30.00 per share. These convertible bonds sometimes act as a brake on the share price once the conversion price is exceeded, as the holders sometimes short the stock, locking in their gain. However, if the underlying company does well, they should have little or no effect on the share price (e.g., SEPR has similar bonds outstanding). Given the bonds are only convertible at about a 50% premium to the current price, they can safely be ignored as a factor in deciding whether to invest or not. Some news today: the company gets its $15m up-front payment. Headline: Global Agreement Between Aviron and Wyeth on FluMist Effective as FTC Grants Early Termination Of Review ====================================================================== MOUNTAIN VIEW, Calif., March 18 /PRNewswire/ -- Aviron (NASDAQ:AVIR) today announced that the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 regarding Aviron's collaboration with Wyeth Lederle Vaccines and Nutrition, a business unit of Wyeth-Ayerst Laboratories (the pharmaceutical division of American Home Products Corporation). The global agreement for FluMist(TM), Aviron's investigational intranasal influenza vaccine, was announced January 12, 1999. As a result of the FTC clearance, the collaboration becomes effective, and Aviron receives a $15 million up-front payment. The total potential value of the license fees, milestones and financing support that Aviron could receive under the terms of the agreement exceeds $400 million, not including product transfer payments and royalties on product sales. Aviron is a biopharmaceutical company based in Mountain View, CA focused on prevention of disease. The company's goal is to develop products which offer cost-effective prevention of a wide range of infections that affect the general population. FluMist(TM) is the company's lead vaccine candidate. This press release contains forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to failure to receive regulatory approval for the marketing of FluMist(TM) or to receive payments under collaborative agreements that are contingent upon future events that may or may not occur. Sales of FluMist(TM) and future payments to Aviron are dependent upon the successful development, manufacturing, supply, sale and distribution of the product by Aviron, its third party suppliers and Wyeth Lederle. Risks and uncertainties also include those detailed from time to time in Aviron's periodic reports filed with the Securities and Exchange Commission including Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Actual results may differ from the forward-looking statements. To receive an index and copies of recent press releases, call Aviron's News-On-Call toll-free fax service, 800-758-5804, extension 114000. Additional information about the company can be located at aviron.com. SOURCE Aviron -0- 03/18/99 /CONTACT: Investors: Lyn Christenson, 650-919-3716, or Media: Karen Gilbert, 650-919-6578, both of Aviron,; or John Bluth, 415-356-1000, or Louise Leavitt, 212-453-2000, both of Fleishman-Hillard/ /Company News On-Call: prnewswire.com or fax, 800-758-5804, ext. 114000/ /Web site: aviron.com