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12:00 AM
Dec 10, 2001
 |  BioCentury  |  Strategy

Cor & Aviron by the numbers

It's not every week that biotech-to-biotech deals reach the billion-dollar scale, much less two of them. Last week, both Aviron (AVIR) and Cor Therapeutics Inc. (CORR) announced they would be acquired by MedImmune Inc. (MEDI) and Millennium Pharmaceuticals Inc. (MLNM), respectively, providing an opportunity for a side-by-side comparison of two big takeouts.

Both of the acquired companies were seen largely as one-product plays with weak pipeline stories. What's notable is that the company without products and profits (AVIR) was valued so closely to one that has a fair amount of both (CORR), with AVIR valued at $1.5 billion and CORR valued at $2.1 billion based on stock prices of the acquiring companies prior to the acquisitions.

The implication is that MEDI (Gaithersburg, Md.) believes that AVIR's FluMist influenza vaccine, if approved, will be a far larger product than CORR's Integrilin eptifibatide, which is marketed for acute coronary syndromes.

CORR (South San Francisco, Calif.) has all of the things investors love: profits, a marketed product, its own sales force along with a big pharma partner. But it doesn't have much of a pipeline - its next compound is in Phase II...

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