Although SNY’s buyback price is a premium to the $1.40 price where the Genzyme CVR (ticker: GCVRZ) have been trading lately, it is a small fraction of the $13 potential CVR value attributable to Lemtrada: $1 for FDA approval and $12 for sales-based milestones as detailed in #msg-59975091.
p.s. In the prologue of #msg-59975091, I noted that it was unlikely the Lemtrada portion of the CVR would ever amount to more than $3 (including the $1 for FDA approval).
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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