Biotech Values

[guerlain]

QURE - uniQure/Chiesi's hemophilia program is still in late stage pre-clinical development and won't move into clinic until 2H14, while Baxter/Chatham already has their program in clinic, thus it seems a weak argument to assume that uniqure has an advantage over Baxter that it will be ithe first to market...

The key differentiation will come from clinical data (both safety and efficacy), which we have none from both yet, so it's quite premature to assume any advantage at this point. Just typical sell-side spin IMHO.