[On-topic]—More drug/biotech mergers should follow the WY-PCL template, IMO. Say company X wants to buy company Y, but X thinks its own shares are undervalued and hence it does not want to issue (unduly cheap) shares as part of the deal consideration. X could pay for Y using all cash, but this causes a painful tax hit for some longstanding shareholders of Y who have a low cost basis.
A solution to the dilemma is simple: X pays for the acquisition of Y using stock (in whole or in part) and then repurchases an identical amount of stock in the open market. Y’s shareholders are happy because the stock portion of a merger is generally non-taxable. X’s shareholders are happy because there is no change in the number of shares outstanding, as though the consideration for acquiring Y had consisted entirely of cash.
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