Biotech Values

[biomaven0]

better off buying back another $10b of it's stock or buying Onxx?

The way to do that comparison is via comparing the resulting EPS over time in the two scenarios. That, in essence, also involves a comparison between the earnings quality of the ONXX revenue stream and the quality of the existing AMGN revenue stream. I think the ONXX assets are actually better quality - less at risk from competition over the next 10 years say. It's worth noting that AMGN's EPO franchise is at substantial risk if Fibrogen's drug (entering large Phase III's now) is ever approved.

Peter