Biotech Values

[corpstrat]

Roche <<today's disclosures .. provide the answers> Hey, wait a minute! The question was who'd be around in a line R&D job 9 months from closing. We have a ways to go before that question is answered.

They've kept three so far for sure and lost the top two, pretty much on target with expectations. How long will the three (plus two more leading science guys) put up with the watchmakers is the question. Scheller reporting to Swann, who knows less about the science of biotech than I do, but by reputation enjoys cracking the whip, should be pretty funny. After a budget cycle, a pipeline review and reengineering of decision processes and partnering approaches, we'll see who sticks around.

Roche did not pay all that moolah for just three weeks of the services of the top talent but for many years of the best biotech R&D shop. Whether they get it or a pale shadow will not be known for many months. In other biggish biotech mergers, it has taken more than a couple of weeks for the real picture of stayers and goers to emerge.