Idenix Pharmaceuticals (IDIX)

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S&P REITERATES BUY OPINION ON SHARES OF IDENIX PHARMACEUTICALS (IDIX 7.14****): EU approves IDIX's Sebivo to treat chronic hepatitis B. Approval applies to all 27 countries in the EU, as well as Iceland and Norway, and triggers a milestone payment that we estimate at $10M from partner, Novartis (NVS 58.42*****). This follows a $10M payment from NVS in April after approval in China. European sales of Sebivo are expected to begin in Q2. Although we see the approval boosting sales, we continue to see a modest adoption rate because of competition.We are narrowing our '07 loss per share by $0.14 to a loss of $0.65. Our target is $15 on these volatile shares. /J.Loo-CFA April 30, 2007