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DewDiligence

09/28/10 3:25 PM

#105261 RE: biomaven0 #105259

IMGN is a reasonable choice, but my pick is ALNY. ALNY has in-licensed so much IP from third parties that any royalties they eventually keep on the 31 drug targets licensed to NVS will more than likely be de minimis. I wouldn’t be surprised if ALNY has to pass through 75%+ of gross royalties it earns from NVS.