Biotech Values

[mcbio]

To put a new combo out in 2017 and beyond without much differentiation and compete on price isn't an attractive position IMO.

You may well be right but I believe that such a combo can still garner some market share, particularly in those parts of the world that are more price-sensitive (e.g. EU). And again, it's all relative, particularly if you're talking about a player that doesn't have a lot baked into their valuation to begin with.