Monday, August 5, 1996
As the biotech stock slump gathered speed, the Commentary on
July 15 complained that sell-off was not justified, but reminded that companies
must remain focused on building businesses and creating earnings, not the current
fancies of investors. This week's Guest Commentary provides an additional perspective
from John Groom, whose Athena Neurosciences Inc. on July 1 was combined into
Elan Corp. plc in a $638 million merger (see BioCentury Extras March 18 and
March 19, and BioCentury July 1).
Linc Roden, a person you have never heard of, used to be head of Strategic Planning at Smith Kline & French. Forever burned in my memory are the words he used to preface his talks, "In the end, only the cash counts."