Biotech Values

[DewDiligence]

I assume [NVS’] CEO meant to say that the stake in Roche has been successful financially, as an investment.

He did mean that, but NVS additionally considers the Roche voting shares a strategic investment insofar as they give NVS implicit veto power over a large-scale deal Roche might contemplate making with any Big Pharma other than NVS.

What is the point in even stating the obvious that if Roche wants to raise equity, NVS would not be in a position to prevent it?

What Joe Jimenez is saying (but it got lost in the translation) is that NVS intends to maintain its approximately 33% stake in Roche’s voting shares (for the reason mentioned above).

Did you actually sell NVS or do you just feel that other big pharmas (ABT, PFE) are better values?

I sold my personal shares for the reasons mentioned in #msg-78633866. The private foundation whose portfolio I manage still owns some shares, however.