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

To: LLCF who wrote (2766)	5/14/1999 4:31:00 PM
From: Art Vandelay AIA	Read Replies (2) \| Respond to of 10280

FWIW, This is truly a sucky day. The market never likes surpises and this was a surpise. However, I think it could play out many ways and most are neutral to positive. The key is the quality of the data and therefore the drug candidate itself. SEPR does not appear to be hiding the results. They opening indicated that they plan to discuss the data soon. Also, the most recent Morgan Stanley numbers reflected lower and pushed out expectations for Nori. Expectations are only $20 MM in 2001, $105 in 2002, and $185 in 2003 plus some modest non-US royalties. Those expectations don't seem too difficult even if SEPR goes it alone. We all know that in the long run there is more profits on the table if SEPR does not partner the products. One final point, I spoke with SEPR and they confirmed that they have been and will continue to be paying for 100% of the Nori development. Only upon exercising of the option was JNJ to reimburse them. Until we see the data it is to difficult to evaluate. Another positive may be that we will eventually be out of the dark regarding the clinical data for one of SEPR's most promising candidates, which may tell more about the potential of the other candidates.