Biotech Values

[corpstrat]

<<share repurchases (the latter being tantamount to a self-acquisition).>>

Dew, behave yourself! Share re-purchase doth not equal M&A. You are actually agreeing with my point that if changing the debt ratio is the main game it can be done without M&A - by stock buyback.

In either case - merger or buyback - can we also agree that the financial mechanism mostly works by slashing investment in the business, a la Boone Pickens? That it's the dismal sign of an industry that is tapped out of good investment opportunities?