Biotech Values

[DewDiligence]

MNT – Here’s an example of an analyst’s not “getting it”:

http://www.forbes.com/2008/12/01/mentor-johnson-update-markets-equity-cx_cg_1201markets25.html

>>
[Miller Tabak analyst] Funtleyder noted that purchasing Mentor fills a gap for the company. “One would assume the implant market is economically sensitive, but over time one would expect it to grow again, and J&J can wait out an economic cycle,” he said.
<<

Way off-target, IMO. Breast implants will never be a great business even in the best of times; they are essentially a commodity market offering few if any opportunities for any vendor to differentiate its products.

To reiterate, the main impetus for JNJ’s buyout of MNT is PurTox botulinum toxin.