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Biotech / Medical : ARIAD Pharmaceuticals -- Ignore unavailable to you. Want to Upgrade?

To: testad who wrote (4256)	5/10/2016 5:38:27 PM
From: glass 0.5 full	Respond to of 4474

That's how I heard it described on the call -- buy-back option is available after two years. It's likely that the term reduces the near-term buyout potential, but that would depend a fair amount on whether they could buy now and exercise the term later, or if the option is destroyed on a pre-two-year change of control. This may have been discussed, but I didn't catch it. IMO, it's less the two-year period prior to the option that delays the buy-out chances, and more the mindset underlying the deal itself: Ariad just managed to fund its runway through (they seem to think) briga hitting the market. Given the commentary on the call, I think it's pretty clear Ariad management shopped the whole company to INCY but couldn't come to terms (which I don't find surprising).