Robertson Stephens Reiterates Strong
Buy Rating on ABGX
SAN FRANCISCO--(BUSINESS WIRE)--March 7,
2000--Robertson Stephens Managing Director and Senior
Biopharmaceuticals Analyst Jay
Silverman today reiterated his Strong Buy rating on Abgenix Inc.
(NASDAQ:ABGX - news).
Abgenix is focused on the development and commercialization of
proprietary monoclonal antibodies
for pharmaceutical applications, including transplant related
conditions, inflammation, autoimmune
diseases and cancer.
``We are reiterating our Strong Buy rating on Abgenix, after the
company announced a large
technology deal with Millenium Pharmaceuticals (NASDAQ:MLNM -
news),'' said Silverman.
``Millenium will have access to Abgenix's Xenomouse technology for a
sizable number of
antibodies. Details of the deal were not disclosed, however, Millenium
will make payments to
Abgenix up to $100 million, including a significant up front payment.
Abgenix will also receive
milestone payments and royalties based upon future product sales.''
``This is the third in a series of similar deals, confirming that Abgenix's
Xenomouse is the preferred
technology for generating future monoclonal antibodies with the
genomics revolution,'' said
Silverman. ``Abgenix now trades at a market cap below that of its
peers. As the dominant player in
the antibody field, we believe that this is a short-lived phenomenon.''
Robertson Stephens is the leading full-service investment bank
focused exclusively on growth
companies. In 1999, the firm completed 218 public offerings and 66
private offerings, raising more
than $40 billion in capital for clients. In addition, the firm advised on
over 85 M&A transactions in
1999 with an aggregate value in excess of $60 billion. The firm's 47
equity research analysts cover
nearly 700 companies. Founded in 1978, Robertson Stephens (Legal
name: FleetBoston Robertson
Stephens Inc.) is a section 20 subsidiary of FleetBoston Financial
Corporation (NYSE: FBF -
news) and a member of the NASD and all major exchanges.
Together, Robertson Stephens,
FleetBoston Robertson Stephens International Ltd., and Robertson
Stephens Evergreen Securities
Ltd. has over 1,000 employees worldwide with offices in Boston, San
Francisco, New York,
Menlo Park, Chicago, London, Munich and Tel Aviv.
The following synopsis is qualified in its entirety by the more detailed
information contained in the full
research report, including the discussion of certain risks associated
with an investment in this
security contained in ``Investment Risks.''
The information contained herein is not a complete analysis of every
material fact respecting any
company, industry or security. Although opinions and estimates
expressed herein reflect the current
judgment of BancBoston Robertson Stephens, the information upon
which such opinions and
estimates are based is not necessarily updated on a regular basis;
when it is, the date of the change
in estimate will be noted. In addition, opinions and estimates are
subject to change without notice.
This Report contains forward-looking statements, which involve risks
and uncertainties. Actual
results may differ significantly from the results described in the
forward-looking statements. Factors
that might cause such a difference include, but are not limited to,
those discussed in ``Investment
Risks.'' BancBoston Robertson Stephens from time to time performs
corporate finance or other
services for some companies described herein and may occasionally
possess material, nonpublic
information regarding such companies. This information is not used in
the preparation of the opinions
and estimates herein. While the information contained in this Report
and the opinions contained
herein are based on sources believed to be reliable, BancBoston
Robertson Stephens has not
independently verified the facts, assumptions and estimates
contained in this Report. Accordingly,
no representation or warranty, expressed or implied, is made as to,
and no reliance should be
placed on, the fairness, accuracy, completeness or correctness of
the information and opinions
contained in this Report. BancBoston Robertson Stephens, its
managing directors, its affiliates,
and/or its employees may have an interest in the securities of the
issue(s) described and may make
purchases or sales while this report is in circulation. BancBoston
Robertson Stephens International
Ltd. is regulated by the Securities and Futures Authority in the United
Kingdom. This publication is
not meant for private customers. The securities discussed herein are
not FDIC insured, are not
deposits or other obligations or guarantees of BankBoston N.A., and
are subject to investment risk,
including possible loss of any principal amount invested.
Contact:
Robertson Stephens, Inc.
Elizabeth Denton, 202/326-1796
biz.yahoo.com/bw/000307/ca_roberts_3.html
culater
