IDIX – In #msg-34894217 I was clearly referring to the gross up-front cash, not the portion of it excluding equity:
$25M would make the arithmetic in #msg-34813718 work—barely. Hence, I think it’s reasonable to consider $25M a lower bound for the up-front amount.
At $6.87/sh, the $17M of new equity from the GSK deal translates into 2.47M new shares, which is roughly a 4% expansion in the shares outstanding. I’m OK with that.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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