Biotech Values

[DewDiligence]

BPMC—…50 cents for a 2+4 cvr isn't showing any enthusiasm...

Two points (for the benefit of readers who might not be following this matter closely): 1) The BPMC CVR is non-tradable, which lessens the amount shareholders ascribe to it as compared to a tradable CVR; and 2) Investors have devalued clinical and regulatory CVRs to some degree based on what BMY did to CELG shareholders—i.e. they don’t fully trust Big Pharma to play fair.