Excellent CMG write-up KitKat.
I'll add that if you back out the $5.93 in cash the difference is A an B shares is even wider, with B selling for 80%. As B shares are more valuable due to voting rights this is yet another nail in EMT.


Biota Here is my product and pipeline summary sheet http://spreadsheets.google.com/pub?key=p4y0P6tzJXmCxwkLuGTv0...
three main products in the pipeline.

In 2008, 50% of revenue came from Relenza, 40% from collaboration (milestones etc), 8% from interest and 2% from diagnostics (which is shrinking).

GSK have not informed Biota of any Relenza targets this yer, so Biota are giving no guidance, hence the opportunity/risk. The market seems to be completely discounting any Relenza income and not giving much value to the pipeline.

My latest ramblings on Biota are here http://www.fusioninvesting.com/blog/2008/10/biota-holdings-l...

My calculations were are on the other tab of the spreadsheet.

EV of less than AUD$28M while EXEL has EV of $431M. One is generating profits and cash flow while the other is speculation.

I'm now long Biota.
Dean