Monday, August 3, 1998
"Biobucks" have become a standing joke in the industry. But
despite warnings about the dubious meaning of dollar signs attributed to deals, industry
scorekeepers still look for transactions with gaudy numbers. Nevertheless, the advice
still stands: investors and companies would do well to remember not to count their
chickens until they are hatched.
A case in point is last week's termination of a May 1996 partnership
between CoCensys Inc. and G.D. Searle & Co. to develop COCN's CCD 3693 epalon
compound, a GABAA receptor modulator awaiting Phase II development to treat insomnia.