I went into the CC with venBio with one goal in mind. It wasn't to review all that is wrong with the status quo. We already know that. In fact, some of the grievances that venBio lists may have been garnered from this very board. I wanted to understand why a NY hedge fund suddenly took such an interest in our little diamond in the rough. I know of their past affiliations with companies who were staged to sell to big pharma and wondered if that's what would happen here. While I did not expect them to offer me a business plan, I did want to be convinced that their motives and expectations of what a fair return is would be aligned with my own as a long-term shareholder. I also posed a question that spoke to IMMU's immediate need for cash and there was no elucidation on that subject.
VenBio's refraining from comment until they "get a look under the hood" doesn't necessarily work for me. I'd be hard to convince that with a starting point in the lower $2's (and I note the recent rise in pps and absolutely attribute it to the mere consideration that venBio may be an answer to the current shareholder-unfriendly BOD and ineffectual management team), getting 4 or 5 times that, and succeeding yet again in putting together a sale to one of their affiliates (look at the investment in venBIo funds coming from the likes of Amgen, for instance) wouldn't be a huge feather in the cap of venBIo. One question for us long-termers goes to whether or not $8 or $10 would represent a fair return, NOT simply in terms of the ten or twenty years that we've been in this issue, but in terms of what a successful IMMU-132 should attract in value on the open market. I don't know that things will play out in such a way that results in a relatively quick sale of IMMU. That said, consummating a partnership for IMMU-132 didn't seem to be anything close to a foregone conclusion for venBio, and out-licensing IMMU's number one pipeline asset wouldn't be consistent with endeavoring to sell IMMU outright. What I am saying is that we retail investors have become activist investors in our own right. We have to remain involved and diligent in making our voices heard, even as our audience potentially becomes venBio's new slate. Our work isn't done at that point. My fear is that our voices will become less significant relative to the alliance most likely in place already amongst big pharma, institutional investors, and venBio. Once venBio gains control, we've outlived our usefulness for them. I don't delude myself in believing venBio gives a flying crap about my interests. I can only hope that what serves their interests aligns with mine. Therein lies the crux of the issue at hand. Do we continue putting our faith in the current BOD and management team at IMMU when decades of history show us that they have little regard for shareholders, and little ability to execute on a business plan? Or, do we take a leap of faith on and unknown entity/NY hedge fund that proposes a new slate for the BOD who individually and collectively have impressive resumes? It dismays me greatly that we find ourselves at this crossroads, but it is the characterization of the former that compels me to vote for venBIo and hope for the best. |
