Biotech Values

[GrthzGd]

[OT]

spiced with overoptimism.

Agreed that is interesting about the book, though as you say it is not a unique dynamic within the industry. What was exceptional about VRTX was the skill with which founder Jeff Boger first generated and then sustained that optimism, which was then carried forward skillfully by CFO Ian Smith. It's my impression that VRTX is an outlier in that regard, even relative to other biotechs or new pharma. Even in today's bloodbath, VRTX's valuation seems to me to well exceed its known earnings potential.

Chalk it up to Harvard-bred, boastful arrogance perhaps--Boger's original name for his new company was 'Veritas,' which he was forced to modify to Vertex after a warning off letter from Harvard's counsel. N.b. no offence intended to Harvard alumni--that's just its reputation.