Biotech Values

[BioSpecialist]

BNC.TO ..Outperform Rating

http://www.haywood.com/pdffiles/BNCJul142009.pdf


SECTOR OUTPERFORM; Target: (+$0.20) $1.50; Risk: SPECULATIVE

Partnership Agreement Puts BNC Back on Track

ALPHA: We see significant upside to investors. BNC's share price

reflects a value for the Animal Health division only - that is at 5x

2009 EBITDA or $0.50/shr. We note the US$20M upfront from the Endo

agreement is worth ~$0.25/shr alone. We disagree with the market that

the Human Health division with Urocidin is currently worth zero to BNC

and investors.