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Explaining those valuations

Explaining those valuations

The valuation pharmaceutical companies put on technologies can be baffling to outsiders, and frequently appears to be at odds with Wall Street's assessment of a company's worth (see The Commentary, page A5).

"That's a tough one," said Ron Pepin, director of external science and technology at Bristol-Myers Squibb. "We have to look at the value it would have to our research programs. So

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