I could see hitting on just 1 of the bigger ones making it a cheap deal at say $20 + a CVR for M356. Maybe someone anxious to enter pays a bit more and with the stock beaten I'm sure some of the bigger shareholders would push for a sale. With more clarity from the FDA I think some people brighter then me can project time-line/cost and do DCF's so maybe I turn out to be way off on the $20+CVR figure but I think that information in hand without a Copaxone approval may make the company more of a target to be acquired.
Suffice to say, if MNTA gets taken out for just $20 + a CVR for mC I would probably not be a happy camper. I guess I would need more clarity on what value you would assign to the mC CVR. All things being equal though, I'd much rather have cash right now than some CVR that may or may not pan out down the road (depends on its exact terms of course.) I still have a CVR from LGND's takeout of PCOP that is in all likelihood going to expire worthless. So, I'm not a fan of the CVRs. ; )
As you note, and I agree, Momenta management probably sees their technology (especially as applicable to developing FoBs) their most valuable asset. I am hopeful that technology, along with mL and mC, will support a higher takeout price, if the takeout comes to fruition.
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