Biotech Values

[DewDiligence]

…one thing i think ENTA should not invest much in [externally] is HCV. There just isn't enough room for improvement to make it worth the money.

Management agrees and is on record to that effect.

…investing in a pipeline though would be better than paying 40% taxes.

It’s a pretty long longshot, but ENTA could conceivably reduce its tax rate by buying a foreign company and doing a tax inversion. (The new US Treasury rules on tax inversions rules wouldn’t be much of an impediment for a company like ENTA.)

If ENTA in-licenses compounds, the most likely areas are virology and liver diseases (but not HCV, as noted above). Buying a whole company working in these areas is also a possibility.