Altus Pharmaceuticals Inc. (ALTU)

[ghmm]

I listening to a bunch of Genzyme calls this weekend with particular focus on when Gemayle presented/talked. Even though he was listed as being responsible Genzyme transplant, renal and biosurgery businesses my impression is had a very good understanding of the LSD's and the potentials competitors as well. Granted that knowledge of LSD's may be mandatory for even clerical employees :). I liked too that he seemed to present things more directly (such as when talking about potential competitors not blinding dismissing them).

My hope is that he will go in the rare disease direction and cut costs/staff sooner rather then later. I think the problems had to go beyond Berkle and I didn't like that Margolin left (unless it was for reasons unrelated to the company).

I think they are fairly committed to the 1c in Q3 for 238 but I would love to get that off our plate even if it means we don't reap benefits till much later (approval/commercialization). Even though it was TKT's undoing I believe the Shire deal had us (TKT shareholders) getting 350-400 million for our share of the Epo product (if the buyout had fallen through) and basically that was for EU with the US patent situation. That was an approved product though at the time. I really don't have much other reference for a present value on this that is why I would take little cash up front for a very nice royalty and perhaps some nice regulatory milestones and someone picking up all costs and guarantee to move it forward.