>> When the faithful's only hope is a buyout, then you better watch your proverbial ass. <<
Are you putting spin on my post?
Let's take the company, piece by piece.
What is the sales force worth, given the products that they have to detail?
That question alone should relieve anxiety re. meeting any debt obligations. Why?
The company has a stash of cash. The sales force and products, without a unique pipeline, would be attractive to many pharmas.
The JVs? The diversity of projects? The equity ties?
It seems to me that a smart pharma will look at the leverage..... Elan is targeting a wide swath through biotech. Elan is to JV partner as JNJ was to Amgen. A smart pharma would pick off Elan, terminate JV obligations where appropriate, and emphasize others?? It's a little "instantaneously, a biotech player" package, wrapped with a sales force, impressive product revenues, Athena-quality research with added breadth, and cash.
What is that worth?
Rather than "only hope", I believe that good offers can and should be had. I have a modest investment, and a long-term perspective. |
