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Biotech / Medical : Drug Royalty Corporation (DRI-TSE)
DRI 188.44-0.8%Dec 26 4:00 PM EST
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To: Peter Neidhardt who wrote (80)3/25/1999 7:39:00 AM
From: BioInv  Read Replies (1) of 96
 
A couple of possible reasons. A] Their three year corporate plan requires a large level of investment [$175 M]in royalty deals. That implies finding at least $100 M extra capital from debt , equity or retained earnings. B]The stock price has risen 30% to 50% in the last few months. They may feel that $2.25 is the best price they can get in the short run for an equity financing.. and future equity placements might have to be made at a lower price if the general market corrects.
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