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Biotech / Medical : GenVec - GNVC
GNVC 7.1930.0%Jun 26 5:00 PM EST
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To: Gary Mohilner who wrote (20)7/27/2010 11:47:29 PM
From: Gary Mohilner  Read Replies (1) of 106
 
We're seeing new interest in the stock and rumors of a partnership or buyout being imminent, I for one certainly can't say this is the case. I do still believe it will happen, and believe my earlier estimates are still about right for the post partnership price. I certainly hope a buyout isn't occurring, but admit it's always a possibility.

My preference would be a buy in, i.e. a partnership where our new partner takes an equity interest either at a price determined fair after the partnership announcement, or a price established by trading after the announcement. Either way, a partner with over 20% of the company would have substantial control of the company. 30% with increased Institutional involvement would almost insure that control would lie in the hands of the partner as Institutional support of our partner would be all that was needed to virtually make it impossible for the company to overrule the desires of the partner if it came down to a vote.

This isn't a bad thing, companies like Genentech and Imclone made tremendous gains for both shareholders and their partners under such arrangements. While both have now been fully acquired, Genentech has been partially spun off previously, and don't be surprised if it happens again.

Gary
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