GTC Biotherapeutics (fka GTCB)

[quantumdot]

>GTCB is effectively an out-of-the-money call option on one of the following...<

Agreed.

>1. FDA approval or near-approval of ATryn during 1H09, followed by a buyout/merger at a substantially better valuation than the current share price.<

Given the very poor commercial success of ATryn in Europe post approval (and LEO's apparent willingness to walk away from it,) I don't see how approval in the US for the HD indication does anything "substantial" for the company's valuation. Won't it be a commercial dog here too?