Biotech Values

[Bickema]

At one point yesterday ABBV had lost 11 Billion in market cap, hardly seems like a sound plan with any motivation other than self destruction.

- Who were the beneficiaries of the release?
-- In reality, GILD HCV marketing was not greatly effected so there were no much benefits for GILD.
-- Other HCV players are not on a market yet and the entire affair will be forgotten in a few weeks
-- If ABBV wants to buy ENTA then it makes sense
-- Before yesterday, ENTA short position was very large. So the panic did make sense to cover their short positions

As I indicated earlier, I blame the entire situation on ABBV management.