Enzon, Inc. (ENZN)

All Comments on ENZN

  • commenter
    Olboy2
    Aug 13 02:56 PM
    Cancer Stocks on the Go: Winners and Losers [view article]
    I agree with paviov, However I would like to know about the new developments the phase II and III studies that are going well, where is the advancement taking place, how close to a cure, what company has the potential winning drug ?? Reply
  • commenter
    Arthur J
    Jul 29 11:39 AM
    Does Icahn's Involvement Affect Share Price in the Long Run? [view article]
    It was with great hope seeing the end of CEO "Zander the Commander" plus the addition of Carl Icahn to the board that the changes would add some life to the Big "M" stock price. So far it looks like the New CEO and Icahn are just a couple more gravy train passengers to be added to the cargo list.
    It would be a revelation to see some one added to the company with a bit of genius equal to what the founder of the company once had.     Reply
  • commenter
    catbird
    Jul 27 11:04 AM
    Does Icahn's Involvement Affect Share Price in the Long Run? [view article]
    The key to biotechs like Biogen is to develope and have a pipeline for new blockbuster drugs. When Biogen had to take Tysabri off the market after three deaths, management sensitively steered the right course and convinced regulators to let it be reintroduced with strict warnings and monitoring. With the support of users who had been benefiting from "T" and suffered because of its withdrawal, Biogen has regained most of the drop in stock price in recent days. Icahn has been a blessing in drawing attention to the stock, and a curse by interfering with mngmt by pushing them to put the company up for sale much as he unsuccessfully did with Yahoo. Biotech companies exist and thrive because of their trade secrets, patents, and research genius ideas.

    The company obliged Icahn in inviting bids, but no pharmaceutical or biotech stepped up to pay the premium for a buyout.

    Now the higher earnings and prospects just announced are rewarded by a nice bump up.

    If Icahn's involved in BIIB had a big part in the stock move since he first announced, I'll say, "Thanks, Carl" even though I'm not on a first name basis with him.     Reply
  • commenter
    notsosmart
    Jul 26 03:13 PM
    My Website
    Does Icahn's Involvement Affect Share Price in the Long Run? [view article]
    i have seen interviews with some of these activists.when asked why they do it since they have more money than they need they all say its the game to win.of course the byproduct of winning is more money to play more games. its all vegas,slower & nobody brings you a drink. Reply
  • commenter
    User 176539
    May 20 09:01 AM
    Biotech Day In Review: CuraGen Gets $155 Million For Gene Sequence Division [view article]
    Curagen "CRGN" is going to be one of those companies to blow your sox off. They are working on ALS, the Medication is being used in Italy right now, just not in the good ol' USA. Thank you FDA! Also working on MD Medication for Jerry's Kid's Foundation, this is being Fast Tracked by the ACA & the FDA. This Company is going to produce the most incredible cure's for many issues. Check out their pipe line. Reply
  • commenter
    pharma
    May 10 10:33 PM
    My Website
    Icahn Steals The Future of Enzon Pharmaceuticals [view article]
    Enzon Pharmaceuticals is another good company about to be ruined by this greenmailer.

    Well, during the last 10-15 years, the Wall Street Mafia has ruined America industrial base, financial institutions, good many new and most promising start-up companies and also corrupted to the core America political system.     Reply
  • commenter
    justa guess
    May 09 06:38 PM
    Icahn Steals The Future of Enzon Pharmaceuticals [view article]
    i agree iwth you on some points , but your argument on the enterprise value of the small pharma is off the mark. They just sold 1/4 of the peg royalty stream for over 100 million. Cimzia could easily add 20 mill a year and hematide has the potential to be a blockbuster as well contributing millions a year in rev. this stub will have easily 1 dollar a share in earnings after ALL expenses(20 mill in R and D included. It is definitely not a growth story but it certainly will be a clean ,sell able company. i think it should trade at 10 bucks easy with no take out premium (which i consider very likely in less than a year after the spin. Then we are left with a stub with, as u said, unproven high tech pipe. I think however that Bucky knows already that sn 38 will have some real value before his 3 years of money runs out. So in the end i think that anything up to 12 dollars a share right now is easy money. After that we are going to need to see some data this year. Reply
  • commenter
    grazingbull
    May 09 09:41 AM
    Icahn Steals The Future of Enzon Pharmaceuticals [view article]
    interestingly.. this type of asset valuation stuff has been done before and it didnt work out as planned..

    go back in time check out ICN - Ribapharm spinout deal.... irony of ironies.. Ribapharm also had a very nice royalty streem from the same Schering Hep C drug that ENZN is tied to..

    Ribapharm got some 500MM in debt and a nice royaltry stream, etc.. eventually, and when the royalties for ribavirin started to decline (as is most natural), Ribapharm crashed (say from 20 bucks to 5 bucks) and was taken private again by its parent at 4x ebitda.

    so... i dont see how póst spin enzn can hold up its market cap of 400 million plus 275 MM in convertible debt which is essentially a 700 million enterprise value, and against this value you have 60 MM in clean, tax free EBITDA per annum and for the moment.. this is a 11 to 12x multiple and with no evident growth from the 4 minor drugs and 75% of royalty rights... these guys will spend then next 5 years paying down the 4% convertible (which has a maturity of 2013), and then they will probably crash and burn like any biotech supernova.

    at that point, if you were a patient spinoff investor, you still might have some value left if the pipeline is successful.. at clinical pipeline r&d of 70 to 80 million, they will last about 2 years with current consttellation.. there better be something good buried within here.

    if any other firm develops competing Hep C therapies, the enzn story could be over much sooner than expected.

    it is extremely unlikely that someone will buy post spin enzn.

    this is desperate hunting for returns. make people believe for one quarter, 1 year or 2 years that there is somethign in it..

    its a wager, thats all there is. and i guess why not split the wager into two bets. its quite evident that going forward with R&D program of 70 to 80 MM pér annum will annihilated stock market value, if enzn is unsuccessful in its clinical trials. the spinoff will provide something of a value lifeboat and allows the spinoff to secure more financing from outside parties. this is essentially what they have done with the monetization of royalties.. secure outside financing. given that biotech CFOs have to be creative, this deal is better done today than in 2 years.. right now people have no way to assess if the pipeline candidates are any good or bad, so you might be able to secure 50 MM in outside financing for the spinoff itself. two years from now investors will be all focused on the results of these clinical trials. 2008 will tell us more in this regard.

    spinoff is high tech is a very tricky thing to say the least.. for lack of better knowledge speculative investors might give this so called enzn pipeline a value of 100 to 200 million, merely on the basis that they dont know what the prospects of the drug candidates are.. this however is far off from making an educated investment decision. if ever i get into enzn it will be just for the play money allocation.     Reply
  • commenter
    Eben Tessari
    May 08 11:02 AM
    My Website
    Icahn Steals The Future of Enzon Pharmaceuticals [view article]
    that's fair. Reply
  • commenter
    justa guess
    May 08 09:08 AM
    Icahn Steals The Future of Enzon Pharmaceuticals [view article]
    moreover, I think that this split is a better( tax efficient )way of selling off the less exciting part of the company. Reply
  • commenter
    justa guess
    May 08 09:03 AM
    Icahn Steals The Future of Enzon Pharmaceuticals [view article]
    He implied it was down 8% on the day. It was actually up on the day from the previous night's close. Reply
  • commenter
    Eben Tessari
    May 08 08:24 AM
    My Website
    Icahn Steals The Future of Enzon Pharmaceuticals [view article]
    In addition, a company can be mainly valued by the NPV of it's future cash flows. I fail to see how spinning off the future revenue generators of the company (its discovery pipeline) is not devaluing. Reply
  • commenter
    Eben Tessari
    May 08 08:15 AM
    My Website
    Icahn Steals The Future of Enzon Pharmaceuticals [view article]
    ENZN opened at 9.85 and closed at 9.26.... how is that up? Reply
  • commenter
    justa guess
    May 08 07:35 AM
    Icahn Steals The Future of Enzon Pharmaceuticals [view article]
    i am no fan of Carl's but you have missed some simple facts. Enzn's was trading with a market cap that gave zero value to its pipeline. This was primarily due to the fact that originally it was considered small pharma and carried the corresponding low PE. I think it will be much cleaner(tax efficient) to sell the pharma part of their company once the split is done. You have not included the steady royalty stream with their 4(albeit minor) drugs. This part of the company could easily sell for 400 million based on the 1/4 sale of the peg stream alone. I don't know what tape u were watching yesterday but ENZN was up with the market in free fall. I think u need to do a little more work on this one. Reply
  • commenter
    SeekingAlpha
    Editors
    Apr 06 05:21 AM
    My Website
    General Discussion on ENZN
    Is this a buy or a sell? Reply

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