Biotech Values

[biomaven0]

the currency risk associated with investing directly in a non-US corporation as compared to using its ADR

It really should be pretty much equivalent - arbitrage should keep the prices generally in synch.

There are a couple of differences - the spreads on thinly-traded ADRs could hurt when trading them (particularly true with a Japanese stock because the two exchanges aren't open at the same time). But you can also get screwed (to a lesser degree) by the FOREX spreads should your broker choose to do so. Finally, a sponsored ADR would protect you against a rights offering that isn't registered in the US.

Peter