Biotech Values

[DewDiligence]

> COLY is essentially selling for cash now, though, that is before the 20 mill for the 3M TLR patents is spent.<

It’s worth a look as an asset play, but I don’t have a good handle on the value of the remaining programs. If I were to value them at nil, I would want a hefty margin relative to the cash on hand in order to buy.

The last time I took large positions based entirely on the discount to the cash balance was about five years ago with Variagenics and Genomica, both of whom were eventually acquired. But I bought those for a bigger discount to cash than COLY is trading at now.