Biotech Values

[zipjet]

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.

I understand the utility of the stock offer retaining the tax-free status of the spin out.

That is just efficient.

But that fact does not independently (I get the pipeline argument) support desperation, IMO. It is pretty easy to reduce shares outstanding after the deal is closed.