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U.S. Bancorp Piper Jaffray Expands BioPharmaceutical Research; Initiating

Coverage of Seven Specialty Pharmaceutical Companies

Analyst Sees Specialty Pharmaceuticals as One of Fastest Growing Sectors In

Healthcare

NEW YORK, June 7 /PRNewswire-FirstCall/ -- Pharmaceuticals continue to be one of the fastest growing sectors in healthcare, driven primarily by increasing utilization among an aging patient population.  This according to U.S. Bancorp Piper Jaffray Senior Specialty Pharmaceutical Analyst Timothy Coan, who today initiated coverage of seven specialty pharmaceutical companies.

Coan initiated coverage with Strong Buy ratings of Allergan, Inc. (AGN, $60.79, #), Mylan Laboratories Inc. (MYL - $29.90, #), Pharmaceutical Resources (PRX - $24.91, #) and Teva Pharmaceutical (TEVA - $64.30, #).  In addition, Coan initiated coverage with Outperform ratings of DURECT Corporation (DRRX - $5.90, #) and King Pharmaceuticals, Inc. (KG - $24.70, #) and initiated coverage with a Market Perform rating of Forest Laboratories (FRX - $70.49, #).

The specialty pharmaceuticals group is one of the most dynamic spaces in the U.S. equities universe, said Coan.  They achieve outsized earnings growth, while benefiting from the major demographic, industry and regulatory trends that are ongoing in the country.  We view the sector as a strong bet for investors searching for strong earnings growth and visibility, without significant macroeconomic risk.

In his report, Coan states that he analyzes the sector with a balance between product flow and operating leverage.  He says he generally tries to get in front of new product introductions and feels strongly that this must be built on a solid base of sales.  We also look for stability and/or growth among base products as a platform for growth that pipeline product can be added to, Coan adds.

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based

U.S. Bancorp (NYSE: USB), provides a full range of investment products and services to businesses, institutions and individuals.  The company's investment banking business has grown significantly in the last several years by focusing on the needs of growth companies in the health care, technology, financial institutions, consumer and communications growth sectors.  U.S. Bancorp Piper Jaffray has a national reputation for its expertise in fundamental research and equity and debt financing.  U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray. Securities products and services offered through U.S. Bancorp Piper Jaffray, Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.

The following disclosures apply to stocks mentioned in this report if and as indicated: (#) U.S. Bancorp Piper Jaffray (USBPJ) makes a market in the company's securities.  (ˆ) USBPJ analysts who follow this company, or members of their household, have a beneficial interest in the company's securities. USBPJ analysts or members of their household may sell such positions while a Strong Buy, Outperform, or Market Perform rating is maintained; however, they may do so only upon appropriate USBPJ management approval.  (>) USBPJ analysts who follow this company, or members of their household, have a beneficial interest in the company's securities that were acquired in a private transaction pre-IPO.  USBPJ analysts or members of their household may sell such positions while a Strong Buy, Outperform, or Market Perform rating is maintained; however, they may do so only upon appropriate USBPJ management approval.  (@) Within the past three years, USBPJ was managing underwriter of an offering of, or dealer manager of a tender offer for, the company's securities or the securities of an affiliate.  (˜) A USBPJ officer, director, or other employee is a director and/or officer of the company.

Nondeposit investment products are not insured by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested.

This material is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete.  This information is not intended to be used as the primary basis of investment decisions.  Because of individual client requirements, it should not be construed as advice designed to meet the particular investment needs of any investor.  It is not a representation by us or an offer or the solicitation of an offer to sell or buy any security.  Further, a security described in this release may not be eligible for solicitation in the states in which the client resides.  U.S. Bancorp and its affiliated companies, and their respective officers or employees, or members of their families, may have a beneficial interest in the company's securities and may purchase or sell such positions in the open market or otherwise.  This report is a communication made in the United Kingdom by U.S. Bancorp Piper Jaffray to market counterparties or intermediate customers and is exclusively directed at such persons; it is not directed at private customers and any investment or services to which the communication may relate will not be available to private customers.  In the United Kingdom, no persons other than a market counterparty or an intermediate customer should read or rely on any of the information in this communication. Securities products and services offered through U.S. Bancorp Piper Jaffray, member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.  Additional information is available upon request.

Nondeposit investment products are not insured by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested. Securities products and services are offered through U.S. Bancorp Piper Jaffray Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.   (5/99-0679)

U.S. Bancorp Piper Jaffray Inc. is a member of the National Association of Securities Dealers, CRD number 665.

MAKE YOUR OPINION COUNT -  Click Here

http://tbutton.prnewswire.com/prn/11690X38033152

SOURCE  U.S. Bancorp Piper Jaffray

    -0-                             06/07/2002

/CONTACT:  Susan Beatty, Public Relations of U.S. Bancorp Piper Jaffray, +1-612-303-5680/

/Web site:  http://www.piperjaffray.com  /

(USB AGN MYL PRX TEVA DRRX KG FRX)

CO:  U.S. Bancorp Piper Jaffray; Allergan, Inc.; Mylan Laboratories Inc.;

Pharmaceutical Resources; Teva Pharmaceutical; DURECT Corporation; and

King Pharmaceuticals, Inc.; Forest Laboratories

ST:  New York, Minnesota
IN:  FIN MTC BIO HEA
SU:  INO

CK-ES
-- MNF006 --
2007 06/07/2002 10:14 EDT http://www.prnewswire.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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