Biotech Values

[DewDiligence]

Addendum on taxability of PFE-AZN deal: I draw a distinction between a taxable merger where: a) the shareholder receives cash; and b) a deal such as PFE-AZN where the shareholder receives no cash and hence may have to liquidate another asset to pay the capital-gains tax triggered by the merger, possibly generating an additional forced capital-gains tax on the second asset. The former is bad, but the latter is worse.