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Vertex Pharmaceuticals Incorporated Message Board

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  • newbie543212000 newbie543212000 Aug 17, 2003 11:15 PM Flag

    Too many?

    yep, pretty much that's it.

    Where/when biotech had a possible
    advantage, then big pharma did "partners"
    with them...a small bit of cash for big
    pharma, basically insurance against the
    biotech actually developing something....
    and even then, the cash was mostly
    tied to performance...

    Now look at vrtx quarterly report...vrtx is
    spending HOW MUCH to get out of their
    lease? 48 MILLION!!!! (see pasted notes
    below)

    How much did vrtx get for Pan Vera?
    97 million, HOWEVER vrtx actually only
    got 69 million, after related expenses
    (30 million in "related expenses"???
    that's 1/3 the sale price.) Also,
    vrtx has a contractual obligation for
    $3 million/yr to Invitrogen for Pan Vera
    services, and basically an agreeement to
    not compete with Pan Vera-type services.

    so, it cost vrtx over 78 MILLION to
    shrink...and by-the-way, some of these
    numbers can be substantially adjusted
    for the worse (read the quarterly report
    carefully)

    no wonder Sato and Josh are unloading
    all the stock they can...

    I expect management to do more pr
    stuff to prop the stock up, while
    they unload all they can...

    I'm expecting Dr. Peter Mueller to
    announce that "vrtx has decided the
    following two candidates are the
    most promising, and are moving full
    speed ahead to develep them. Toward
    this end, all our resources are devoted
    toward their development, with any
    non-related development teams let go,
    to save on expenses"...look out,
    loyal vrtx employees, the "x-mass"
    surprise is coming up...and remember,
    when josh speaks, read the fine print,
    ie "no merger-related layoffs" didn't
    mean no layoffs...wink-wink, nudge, nudge

    good luck all...

    ---------------------------------------
    from vrtx quarterly report....
    "We recorded restructuring and other related expenses of $48.0 million for the six months ended June 30, 2003. This includes $34.9 million of anticipated lease restructuring costs, $3.9 million of operating lease costs for the above-mentioned facility recorded in the first quarter of 2003 and $2.1 million of lease operating expense incurred prior to approval of the facilities lease restructuring and recorded in the second quarter of 2003. Additionally, the $48.0 million includes $2.6 million for severance and related benefits and $4.5 million for a write-off of leasehold improvements and other assets."

 
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