Good stuff. Thanks for posting it. $9bn X .04 (mid-single digit royalties to HALO) = $360 million per year. That amounts to about $2.50 per share in round numbers back of the napkin math. That doesn't include other income, but I still think your valuation is a bit rich unless we get a slew of new orders. OTOH my $25 pps buyout figure might be a little too conservative.
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