| BUSINESSWEEK ONLINE : JUNE 14, 1999 ISSUE | ||||||||
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| BUSINESSWEEK INVESTOR -- INSIDE WALL STREET
What's Making Cor's Heart Beat Faster Watch for buyouts in biotechs to accelerate. Jim McCamant, editor of the Medical Technology Stock Letter, notes that for the first time in years, the big pharmaceutical houses are showing strong interest in acquiring biotech companies that have products already on the market or that are awaiting Food & Drug Administration approval. And the large biotech companies are also looking for acquisitions. McCamant believes COR Therapeutics(CORR) is next in line as a possible target for Schering-Plough(SGP), among the drugmakers, and for biotech's Chiron(CHR). McCamant thinks that Chiron will be first off the mark in pursuing COR. The COR stock price has been on the rise since March, when its shares were trading at 8. They are now at 14. In a buyout, McCamant thinks the stock is worth at least 20. He believes that Chiron, which focuses on biopharmaceuticals, blood testing, and vaccines, wants to build a strong presence in cardiovascular treatments. COR's chief product, Integrilin, was approved by the FDA for angioplasty and acute coronary syndrome, including unstable angina (severe chest pain). Integrilin's first-quarter sales beat analysts' estimates. McCamant sees the trend continuing. Schering-Plough co-markets Integrilin in the U.S. McCamant figures COR, which has yet to make money, will turn profitable in 2000. Chiron, Schering, and COR declined comment. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ BACK TO TOP |
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