Congratulations fear I see you are no longer moderator so I guess it hit your target and your out? I've lightened my position too but still really like the company.
I've been thinking more and more about the cash they have and JJ's comments in the past year and I get the sense they may do a descent sized deal yet. Why? No reason in particular but it strikes me as an opportunistic time in biotech land as many are not much above cash and/or are cash strapped. The two deals they did were very minor in my book and I think JJ wants a more near-to-market product.
I could see a deal like the following (and I don't necessarily want it to happen as I am down a fair amount on the stock just pose it as an example)... Take Altus Pharmaceuticals. Stock is about 6 and has 30 million shares and say about 140 million in cash/securities (this is all back-of-the-hand so give me some flexibility I know they have some debts but they also have NOL's). So basically the market is valuing the technology at 40 million. They have 3 products in human testing and several more preclinical. One product in preclinical would be a direct competitor to PEG-PAL (a.k.a. treatment for all PKU patients especially non-Kuvan responders). Their most advanced product Trizytek (ALTU-135) is a pancreatic enzyme replacement therapy used primarily by cystic fibrosis patients and interestingly Biomarin just licensed a cf product. I also think Biomarin would have strong interest ALTU-237 (hyperoxaluria).
The CEO recently left and former TKT CEO/COO replaced him. If Altus were to be broken up (aside from the technology, ALTU-238 is their other key asset) I am sure the three products I mentioned above would be worth > 100 million to BioMarin and yet the market is saying you can have them and more for 40 million.
I am familiar with both companies so this example comes readily but there are probably many other late stage drugs available for licensing by companies that don't have the cash/resources to commercialize them.
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