Biotech Values

[DewDiligence]

SNY offers to repurchase Genzyme CVR’s for $1.50-1.75:

http://www.reuters.com/article/2012/09/04/us-sanofi-buyback-idUSBRE88306Y20120904

Although SNY’s buyback price is a premium to the $1.40 price where the Genzyme CVR (ticker: GCVRZ) have been trading lately, it is a small fraction of the $13 potential CVR value attributable to Lemtrada: $1 for FDA approval and $12 for sales-based milestones as detailed in #msg-59975091.

p.s. In the prologue of #msg-59975091, I noted that it was unlikely the Lemtrada portion of the CVR would ever amount to more than $3 (including the $1 for FDA approval).