ANI Pharmaceuticals (ANIP)

[Just the facts maam]

Thanks North. At least the markets were aware of the partnerships Medarex had with Pfizer and Bristol Myers Squibb. PPS reflected these partnerships before BMY made their offer at a 90% premium.

Medarex was much more upfront with their shareholders and gave GS a much fairer starting point for the valuation. Anip on the other hand can't use present PPS as a fair starting point as the markets have given zero value to Libigel. They have to consider 70% reduction in CV events and most likely a potion of Breast cancer reduction claims (assuming the discovery was identified by the silent partner). Most certainly how they value that will be open to debate.

It will be interesting to see what unfolds.