It doesnt make any difference in the long run whether they do it before, after, or on the same day. The share price would take a big hit, and no one will--at that point, give a damn whether they have an orphan drug compound inhouse. If they do it before, some will say Stoll is doing it because he thinks the FDA might say no, and might run for the exit. If he does it afterwards, some will see it as a sign of confidence that the money will be there, some will say he has no confidence in CX701, etc etc. In the long run, the timing doesnt matter--it will only matter whether CX717 survives and works, CX701 arrives and works, and an inlicensed drug works and doesnt look like too much effort for too little return.
You did indeed address the pipeline breadth issue with that phrase--my point is just that this was the primary reason, the insurance rationale was a glimmer, and then became higher profile as CX717 showed why you can never completely relax.
But one can relax a little more than this Board, or some members thereof, have been doing today. I think things are looking very good, and price fluctuations due to trading matter little.
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