Idenix Pharmaceuticals (IDIX)

[DewDiligence]

>the PR was written as if Tyzeka had failed and the restructuring was done because the wheels had fallen off. Also, it may be that the market cannot evaluate the move because the projected revenues and the royalty rate are not stated.<

I agree on both counts. The PR makes NVS sound magnanimous for taking Tyzeka off IDIX’s hands. The general tone is:

“Thanks! I’m so glad you’re willing to take my ugly sister to the prom. I will be eternally grateful!”

I suspect that the wording of the PR was part of the negotiated agreement, leaving IDIX no opportunity to change it.