Revance Therapeutics Inc (RVNC)

[iwfal]

There is only a disconnect with shareholders that are traders or looking for a short term gain. Otherwise if it increases overall valuation then Browne and shareholders are in fact aligned

I would suggest you are *fundamentally* missing my point. If, for instance, the stock drops to $5, and they need to raise $150M for the launch in 20 - that dilution will cream current shareholders. Browne is *much* less hurt - e.g. just grant himself more options next year, or reprice the existing ones (yes, this happens).

DD has previously suggested that they would bring in a deal to make up the cash, but as per the below quote from you and in your recent cc notes, it is clear they have no urgency and are completely uninterested in giving up any percentages adequate to obtain sufficient cash.

The only licensing deal for daxi is china and the terms are in fact favorable if you look at comparable deals. It would be nice to get a partner to share in development costs but then you have to give up rights to half the drug (or thereabouts).

Comment - my guess is that if he just did one deal with largish up-front it would change the perception. But he really does seem happy to sink the ship rather than give up anything - and knowing he, personally, can do ok in the salvage.