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Stocks A / Aurora Biosciences Corp.


Subject:  VRTX holder view Date:  5/7/2001  11:41 AM
Author:  incylong Number:  188 of 195

I can appreciate the disappointment of long-term holders of ABSC stock. There is an emotional attachment and familarity that develops with time.

I have held VRTX for about a year (bought in at about $40, watched it go up and watched it go down). Because I own a number of other biotechs, I was having thoughts about selling VRTX, because my perception of the company has changed. When I bought it they seemed to be strongly focused on determining structure of proteins and using that knowledge to develop drugs. About 8 months ago they changed their website and now it is hard for me to see what is unique about the company. I note that the VRTX board has beed virtually dead for months. Although there is no arguing with pipeline, as a former holder of CRXA I know what happens when you run out of cash before you reach the finishline....I am expecting CRXA to be acquired by someone in the near future also, but that is another story.... I see VRTX as needing all the cash it can get to turn its pipeline into profits. ABSC may or may not be a net cash drain from the merged company. Although I have read the PR chat about how the ABSC technology will drive VRTX drug discovery, VRTX has been telling its holders for months that it was already and it alreadu has more targets than it has cash to fully support...If the ABSC technology was so important I do not see why it could not have been secured by contract or license. Acquiring ABSC seems to limit VRTX to one technology when flexibility might have been more desirable. I am not knocking ABSC, but ther are certainly other drug discovery platforms.

Bottomline, I consider myself a fairly well informed guy and I do not see what was compeling about this merger technically or financially. If I owned more of VRTX, I'd probably sell at least part of it.

In general, I do not see the value of a drug development company acquiring a pick-N-shovel company, they should just licsense the technology. (Why buy, when you can rent at a reasonable price.)

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