>> Since the closing date of the acquisition is after the "FDA acceptance of the refiled BLA", current CLTR holders have all the downside if the BLA is rejected again. Corixa walks clean. I have not heard of any breakup fees - has anyone else? <<
The CRXA CFO on CNBC Monday was asked about breakup fees, and said the breakup fee was minimal: CRXA would be required to loan CLTR $15 million, repayable in 30 months. She didn't state an interest rate.
>> So CLTR sold a call option on the company and got a crummy premium while holding all the downside. << >> This deal does not look like it was structured from a position of strength on the Coulter side. <<
Hard to disagree. If Bexxar is approved, CLTR has diluted away too much of the upside, while keeping the downside.
I’ve been lightening up, although I’ll keep a few shares, since it seems likely that the BLA will be accepted -- CLTR and SBH surely dotted the I’s and crossed the T’s this time -- and that Bexxar will both be approved and will sell far better than Zevalin.
The wonderful series of posts on this thread last November and December, from Gordon James (some posted from ASH), PB, biowa, V1, Rick Harmon, RWR and others, convinced me of that. That gold mine starts at about post # 398: Message 12059226 and continues through about #456. (Review these again if you want to reinforce a regret that CLTR went out cheap.)
-- RCM |
