Biotech Values

[mcbio]

Congrats on a nice return. I imagine Royalty Pharma's interest is only for the Savella royalty so what happens to the newly licensed compounds? Mini quiz (not to Dews' level): There is a flaw in the PR (non grammar) which is extremely surprising given this is a company PR.

Thanks ghmm! I am fortunate this one worked out so well. I've got a tax question for you or others: Since I will be tendering this year but the transaction apparently won't close until next year, is this considered a taxable event for 2010 or 2011? I.e., do you base it off the date you tender or the date the transaction actually closes? I'm hoping for the latter but assuming it's the former.

Yeah, I imagine too that Royalty Pharma's interest is just for the Savella royalty. It does say in the PR that Royalty Pharma "looks forward to working with Cypress management to enhance the value of the company's pipeline assets." So presumably they hope to find a partner for the rest of the pipeline?

I didn't catch the flaw. Can I get a hint?