Agree that JNJ probably won’t counterbid for SGP; memory of the bidding war JNJ got into with BSX for Guidant is probably still fresh.
However, it would be negligent of JNJ to not attempt to gain the ex-US rights to Remicade/Golimumab. At the least, JNJ should be able to extract a decent-sized cash payment in return for waiving the right to go to binding arbitration.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”