It doesn't mean Advent would not buy themselves out (or perhaps be willingly purchased by Cognate), it simply means if they did make the purchase, it would not cost as much because Advent is not as far along nor have the intrinsic properties Cognate does. Moreover, to me, the argument that Blackrock does not have the resources to look into the weeds at small interests with future potential is an insult to Blackrock's resource capability. They have stated they are not happy with the cost and speed of innovations in medicine. It would be no surprise if they took interest in very small companies with promising technologies and synergies. Sometimes large behemoths have the capability to resource such endeavors with capital, consultants, contacts and so forth.
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