Given the Bakers' history, they'll likely wait until the stock is way up there (I think they've finally been selling some PCYC at well over $100,) sell some of their actual shares, and then re-up to 4.99% by exercising a portion of their warrants. Wash, rinse, repeat. My strong suspicion is that they'll dilute and divest slowly and carefully.
To lock themselves into such an enormous (large, even for them) illiquid position is a remarkable show of confidence. But if you know anything about the history of this lab, you know that it won't be surprising if they end up changing the game in the autoimmune field. I have a strong feeling that the Bakers know what they're doing here.
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