Biotech Values

[DewDiligence]

Re; Worst CEO survey

>I would have expected that Robert Essner of Wythe (American Home Products) would have been chosen before McKinnell.<

Essner wasn’t an answer choice, although perhaps he should have been.

On the “all time” question, I think McKinnell stands alone. Although I don’t blame McKinnell for the failure of Torcetrapib, I do blame him for the acquisition of Pharmacia.

If you haven’t looked at the Pharmacia deal in a while, consider the:

• Price paid: 30% of PFE’s pre-deal equity in an all-stock merger; and

• Value obtained: Celebrex (hardly the gem it was thought to be), Xalatan (also-ran drug that loses patent protection in 2010), Camptosar (already generic), and Rogaine (LOL).

WSJ story on the merger from 2002:
http://www.chelationtherapyonline.com/technical/p39.htm