Agreed all good points.
All hinges IMO on if Dan can show he is up for creative financing options by doing something, anything really, besides dilution (even if just for a slice of the needed cash). If he did, I think WS would react very favorably.
So go Dan, go.
And doing that could be a springboard for WS to assign a more reasonable valuation, because as you noted, what it is today based on what is known is flat out wrong. Your AGN buyout example is a good illustration of this, as is the Fosun deal which basically said, you pay for the trials yourself, get back 0 in equity, give me 15% royalty on future sales, pay for all the marketing & sales yourself, AND pay me 30 million upfront. Pretty good deal for RVNC. So a highly respected pharma whose current market cap is ~ 9 billion is telling you what they think of the completed trial drug data and its prospects for sale, and its far from their first rodeo.
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