Biotech Values

[mcbio]

Did they have any leverage? If Pfizer backed out could have they easily re-partnered?

PFE had just initiated the multiple ascending dose portion of the Phase 1 trial for the pain drug prior to coming public with their interest in a strategic transaction with ICGN. So, I think it's clear that PFE was moving forward with this drug and was not planning on backing out. I don't believe that ICGN had to accept the buyout offer of $6/share or else risk PFE ending the partnership for the drug given PFE's prior actions. ICGN had other assets as well, along with a few quarters of cash.