Bjorn Fahlen

Rigel and Seattle Genetics: The Delicate Art of Expectation Management

I konow a lot about Morphosys as you insinuate on, but just like ImmunoGen their deals are more technology oriented then product oriented - meaning lower royalty and milestone payments. Moreover we have PoC for TB-402 in thrombosis. TB-402 is chimeric MAb discovered in a patient with hemophilia, hence validated (I can give you a lot more info here if wanted). By the way if you take a look on the target for TB-403 and BI-204 you will understand that these are more or less already PoC already. But if you lack the medical skill you can always take a look at the deal values and upfront from Genentech and Roche respectively. I do strongly belive we will se a deal for RoW very soon, BI-204 (Genentech has US rights, 15% royalty). Strong financials in as well as very good management (delivered on milstones a s o), they have a 10% stake in the company. BI-505 is very interesting as well and ready for phase I/II in multipel myelom midyear 2009. TB-403 will enter phase II H2 2009 most likely multipel indications according to Roche. Moreover BI-204 will enter phase II midyear 2009, something that most likely is coupled with a milestone payment from Genetech. TB-402 just entered phase II. I think BioInvent is a much better investment than Morphosys based on there proprientery pipeline and management. I know so much about this company that I am nearly in love with it ;-) When it comes to technology deals that is Morphosys signum, BioInvent has a few as well. Last year Bioinvent inked two tech deals, one with Bayer Health Care and one with Mitsubushi Pharma.

On Feb 17 03:20 AM Ohad Hammer wrote:

> Thanks Bjorn
>
> BioInvent certainly looks interesting in terms of the tagets they
> address and the very nice business development activities. I still
> haven't seen proof of concept data for any of their products, but
> I guess Roche and Genentech will publish clinical data (good or bad)
> this year for 403 and 204.
> Funnily enough, I am currently evaluating a similar european based
> antibody discovery company for the biotech portfolio.
>
> Ohad

Rigel and Seattle Genetics: The Delicate Art of Expectation Management

I am a biotech equity analyst in Sweden and have followed Mr Hammer for a while. I really like your way of thinking in doing investments in biotech. However I would like to give you something to take a look at. Karo Bio is a biotech company that in many aspects can be compared to Rigel in maturity the way they have handled the expectation management. Take a look at it in your next article about micro caps. Swedens Seattle Genetics is BioInent, not because it is an antibody company but for the expectation management and quality of their pipeline and strategy to build a fully intergrated company. Both companys are very good bets, but as you say timing is every thing. Intereseted then let me know, becuase I am in NY from time to time and can bring mangement from a company with me.


On Feb 10 12:50 PM Ohad Hammer wrote:

> I agree with you with respect to the trials' results, but to me there
> is no reason to own RIGL until June. Don't see a lot of downside
> but there's not much to expect for on the other hand. The only thing
> I can think of is Merck publishing impressive results for the Aurora
> kinase inhibitor at ASCO, but it isn't likely imo.
>

ImmunoGen at ASH 2007 (Part I)

Does anyone know the royalty rate ImunoGen has on Trastuzumab-dm1? Or what is the consensus estimate?

Genentech Earnings: Great Formatting, But Not So Great Sales

Does anyone know the royalty rate ImunoGen has on trastuzumab-dm1? Or what is the consensus estimate?