Editor's Note: This column marks Adam Feuerstein's return to TheStreet.com. Feuerstein is an award-winning reporter who worked at TheStreet.com before a two-year stint covering biotech at a New York-based investment firm. We're thrilled to welcome him back.

The annual JPMorgan Chase health care conference, which rolls into San Francisco next week, is always a bit of a madhouse -- companies big and small selling their newly minted 2007 investment stories to an overflowing crowd.

This granddaddy of biotech investment confabs (you're a veteran if you remember when it was run by Hambrecht & Quist) is like the Detroit auto show of life sciences, minus the scantily clad booth babes.

But for all its occasional bluster and hassle, the JPMorgan conference is a good show because it sets the stage for biotech investing for the next 12 months. I don't necessarily find it the best forum for deep research, but I usually walk away with a good overview of the sector and a bunch of interesting investment ideas in my notebook.

I'll be there, as will my colleague Marc Lichtenfeld, so check back here for in-depth coverage. With the conference as a backdrop, here are some (but not all) of the 2007 biotech story lines making waves on my radar screen:

Gilead Sciences ( GILD) has earned its status on the biotech sector A team because of its strong, market-leading HIV drug franchise. Last year's successful launch of Atripla, the first-ever single-pill, once-daily treatment for HIV, cemented that reputation.

But in 2007, investors are looking beyond Gilead's core business (which is still growing at a very healthy clip, by the way) and focusing more on how the company aims to digest last year's $2.5 billion acquisition of Myogen. When the deal was announced in October, some on Wall Street were a bit uneasy with Gilead's decision to shift from its strength in infectious diseases into pulmonary disease. The hefty price tag on the Myogen deal also raised some eyebrows.

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