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Biotech / Medical : Immunomedics (IMMU) - moderated -- Ignore unavailable to you. Want to Upgrade?

To: erickerickson who wrote (38485)	1/6/2017 8:55:23 PM
From: stockdoc77	Read Replies (2) \| Respond to of 63291

That's speaks to the idea that management competence is what will distinguish Venbio from David. I agree that is one aspect of the struggle, but I also think that the other aspect is that the two sides have very different approaches to how to move 132 forward. The idea that IMMU can sell its pipeline for a couple hundred million does not hold water for me. Emab and Vmab are worth zero in the market. To sell the rights to 132 in Outer Mongolia to some third party doesnt strike me as a likely to succeed strategy either. On top of that, they can't file AA till they have a real P3 up and running, and if that has to wait till they sell enough assets (any buyer will treat it as a firesale anyway) to finance the cost, how long will that delay things? A year or more? And what if they don't find a buyer quickly, how do they fund general operations? I see no way forward with Venbio that does not result in dilution. The fact that Behzad did not say he intends to do an offering is not reassuring. One key fact I picked up on in the call is that Venbio did not frame the struggle as one about who could "get the best deal for 132". THey did not claim that the fundamental issue is G inabliity to agree to reasonable terms or to be able to negotiate the best possible outcome or that he was going to sell 132 short and Venbio could do a better job getting a partner. That suggests strongly to me that they are not interested in a deal. The final consideration is what if G does sign a deal before the shareholder meeting? What is the rationale for Venbio at that point? Their interest in IMMU is totally about 132, and if 132 is now controlled by a big pharma, what does it matter who is on the board?