Biotech Values

[DewDiligence]

I see you edited your post (after I replied) to say that the order of the two deals is immaterial. Would you say the same thing if you were a Medivir shareholder rather than a JNJ shareholder?

In any case, I doubt that Medivir will be injured unduly by JNJ’s dual arrangements with Medivir and VRTX. Once TMC435 is on the market, JNJ will likely cut back on promotion of Incivek (or simply stop promoting it altogether). Thus, if anyone stands to lose from JNJ’s dual arrangements, it will likely be VRTX.