Biotech Values

[DewDiligence]

Here’s the portion of BMY’s 4Q10 CC relevant to VRUS:

http://seekingalpha.com/article/249174-bristol-myers-squibb-ceo-discusses-q4-2010-earnings-call-transcript?part=qanda

Charles Bancroft (CFO): …the strategy in Hepatitis C is to look at multiple mechanisms of small molecules and to deliver a superior interferon. We think this is going to be a field modeled after HIV combination therapy… We have a first-in-class NS5A inhibitor in the field and we're very impressed with Pharmasset's capability in the nucleoside area. And so we are combining those two agents, with or without ribavirin, to see if an oral regimen of that nature can treat patients. This is a clinical-trial agreement [i.e. no cash changed hands between the two companies]. We have our own combinations, and we have an openness to working with others with regard to delivering the best treatment regimen to patients.