Biotech Values

[DewDiligence]

Nice call on NTMD: Deerfield raised its offer to 0.80/sh and the BoD accepted. Inasmuch as 0.80 is more than Deerfield’s own estimate of liquidation value, the effective proceeds on Deerfield’s pre-deal shares could be considerably less than the 0.80 figure. As you said, Deerfield must have thought Archemix was a complete dog to have opted for this deal instead.

http://finance.yahoo.com/news/Archemix-Announces-Continued-bw-14169317.html

I can’t recall another deal where a buyer paid more than liquidation value in order to liquidate a company.