Biotech Values

[iwfal]

The latter: spin. If a product candidate has bona fide commercial potential, large companies such as PG generally find a way to get some value for it.

I disagree. I would suggest that when a large company decides to exit field x there is often inadequate attention paid to the disappearing assets, especially if there are not clear and obvious metrics to measure value (e.g. revenues). The people in charge of divesting are often incentivized to clean it out - not maximize value. You can often see similar behavior in a company that is going out of business - phenomenal steals on furniture etc even though they could get 30 or 40 percent more with little effort.

BTW - I fully agree that there are other occasions where the divesting companies do quite well in extracting full value. My point was only that it is, IMO, unpredictable whether a company is looking for maximizing value or speed.