Biotech Values

[zipjet]

it’s unlikely that more than $4/sh of the CVR (including $2/sh of Lemtrada sales milestones) will ever be paid.

For me to be interested in arb'ing the merger (acquisition of the CVR), you would have to be able to buy GENZ for less than 74 with closing of the deal expected in less than one month. Said another way, I would take the CVR's for free but would not pay anything significant for them.

Lentrada is a hail-mary pass, my guess.

ij