Very nice 42 page note. "We believe the Iclusig launch will surprise on the upside and that, on the whole, ARIAD represents a rare investment opportunity in the biotechnology space-that of a self sufficient, fully integrated company that develops and markets its own products on a world wide basis. In many ways, ARIAD reminds us of Celgene (CELG, MO, $130 PT) in its adolescent years during the development of Revlimid.....With Iclusig around, CML doesn't stand a chance. We believeIclusig's characteristics of potency. tolerability and convenience will make it thenew standard of care in CML/ALL. Pipeline sibling, AP26113, has all the hallmarks of greatness as well. Building one of the biotechnology industry's next great global franchises."