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John Curran of Curran Capital Management provides the following stock ideas on American Home Products (AHP 50) and Osteotech (OSTE 22 3/8). Below is the write up.

John Curran of Curran Capital Management has one of the best track records around. According to Nelson's tracking service for money managers, Curran Capital Management has returned 24% annually for the last 10 years, after fees and was up 35% in 1997. Their focus is on the healthcare industry.

The latest stock he is very bullish on and has been buying is American Home Products.
On June 1st of this year, American Home and Monsanto agreed to merge together.   American Home shareowners will retain their shares and Monsanto shareowners will receive 1.15 shares in the new company for each share of Monsanto that they currently own. The merger between the two companies is expected save $1.25 billion annually.

What John is bullish on is that in early 1999, the combined companies will release a new
drug called Celebra, which he feels will easily receive FDA approval. Celebra will be used
in the treatment of arthritis. Most arthritis medications available today have the potential
to cause serious gastrointestinal damage, such as ulcers. Celebra should be effective in
treating arthritis without causing damage to the stomach, intestines or kidneys.

"This drug will be entering into a $12 billion market and I think it will generate between
$1.25 billion to $1.5 billion in sales during 1999," says John, "It will be one of the hottest drugs next year." To top things off, Pfizer will also be marketing Celebra. He notes that in essence, there will be 9,000 salespeople marketing this new drug. John thinks American Home will be one of the best performing drug stocks over the next 2 years, with their shares doubling during that time period.

Another stock he likes is Osteotech. They are a leading provider of human bone and bone connective tissue for transplantation.  Between 1994 and 1996 their earnings languished because they could not write off foreign research and development investments. "This was a major drain on their performance," says John. When those operations closed down, earnings exploded to reflect "what was really happening."

John expects them to earn $1.05 this year and $1.40 next year. "They are growing at
30%+ and selling at 22 times this years earnings... They will continue to grow at that
rate for at least 2 to 3 years going forward."  His target is $40 sometime during the next 12
months.

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