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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: Don Miller who wrote (2235)	4/6/1999 1:47:00 PM
From: M. Ramle	Read Replies (1) \| Respond to of 10280

Don: Although it was very hard to read into the direction of that 125,400 share-block, I am more inclined to say that it was on the Buy-side. The reason for that interpretation is that if it was on the Sell-side, you would have seen the price drop much more. It might have also been April '99 Option related ahead of the Expiration. Anyway, I will keep a close eye on the trading volume today until the closing. Good Luck. Mazen

To: Don Miller who wrote (2235)	4/6/1999 2:05:00 PM
From: Biomaven	Read Replies (1) \| Respond to of 10280

Don, what is the significance of a pre-14A and S-3 filed together? None, unless you subscribe to the "two swallows flying northeast at noon" school of stock prediction. <G> The S-3 is old news relating to the last convertible offering. It does list the initial purchasers if anyone is interested - basically standard pension-fund type institutional investors. The pre-14A is for the proxy - it shows a race between Putnam and Fidelity for the biggest single holder. Currently, Putnam is in the lead with 11.04%, with Fidelity a a head behind with 10.34%. Soros is a distant third with 6.68%. With management holding about 7%, and a couple of other 5% holders, that leaves only about half the company for the rest of us. There was news recently about a patent granted to SEPR for a chiral version of Pantoprazole, which is approved in Canada under the name Pantoloc and in the UK under the name Protium. I think AHP has a NDA for it in the US. Although this is a huge market (like $10b), it is unclear how significant this patent and the corresponding SEPR patent for Prevacid are going to be. The issue here is that any improvements are likely small, given that the underlying drugs are already very good. I guess we'll find out before SEPR does anything with them, because Astra is planning a similar chiral version of omeprazole which should provide a good leading indication. Peter