Biotech Values

[DewDiligence]

I had a feeling BXLT would not stay independent for long.

Actually, I think SHPG’s offer for BXLT is unduly high, even though BXLT rejected it out of hand.

After listening to BXLT’s 4-hour Investor Day webcast in May, I concluded that BXLT has a weak portfolio and pipeline, especially in oncology (#msg-114360736). SHPG’s pursuit of a hostile all-stock* deal for such a company suggests desperation, IMO.

*Necessary to preserve the tax-free status of BAX’s spin-off of BXLT.