Axe, another thing you must be mindful of is that the net tangible asset value is equivalent to the amount of $ equity holders would receive If the company was liquidated at 31 12 2009. (ie cash less liabilities). In a worst case scenario, the companys drug pipeline would be worth something, it's just a question of how much.
Don't get put off by the accounting treatment and standard disclosure which is not that appopriate for every company.
