Since joining the research ranks on Wall Street 11 years ago, we have witnessed the ups and downs of stock-price performances for the biotechnology industry and the successes and failures of numerous business strategies and companies. We've seen hotinitial-pub-lic-offering markets when analysts thought that they were smart and biotech chief executive officers (CEOs) thought that they were smarter. We've seen the down times—in 1984, when Amgen's (Thousand Oaks, CA) slock had fallen to 4.50 dollar after going public at 18 dollar only 12 months before, and when the industry was in such desperate need for cash that even Chiron (Emeryville, CA) was running on fumes, only to be saved by a 20 million dollar cash infusion by Ciba-Geigy (Basel).
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