In 2009 a unit of JNJ paid about $900MM for a European H2O2 / silver ion company. The tech hand not received regulatory approval in the US at the time of purchase.
If you were JNJ, knowing that in the intervening years the HAI problem has only gotten worse in terms of economics, given the failure to perform of the company you bought and given the failure of the alternative tech to take hold (likely because it likewise hasn't performed well enough), would you be anxious to drop another $1B on MZEI without a better indication of market acceptance?
If MZEI had FDA alone approval, would someone offer $100 or a few hundred million for MZEI? Perhaps. Whether it is the end-user or the F500 suitor group, they've been burned by "competitors" touted performance and are going to need to see more than some lab tests for us to achieve a decent valuation. An FDA approval would be competitively significant, but as previously stated, there is a lot of work to do.
The question that really needs to be asked is whether management can get some non-US-perhaps non-medical work going that will pay the bills while the FDA process proceeds. While it might be nice to look at the rainbow in the sky, one first needs to shake the German Shepherd off one's leg to enjoy it.
Folks need to understand the position of the company currently.
BTW, the bidding company will determine the price, shareholders can only say yes or no. Let's hope we have an opportunity to do so (perhaps many months from now, unless things turn further south in a hurry).
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