What is the exact leadership at Advent? I know people used to say LP was CEO of everything, just because her fund had substantial ownership, but often the suggestions are false. Unfortunately, retail discussions are imprecise, which gives people who want to sow discord quite a bit of leeway to make all manner of suggestions that are in fact impracticable but sound good theoretically, and to imply kinds of behavior that are not real, and have never been reality beyond the imagined implication.
And no, it does not mean that CRL will do a better job or be a better partner than Advent. That is not true at all and it is highly unlikely. CRL has been around for years yet never was available before to create the manufacturing facilities that NWBO needed, nor would they have taken payment in $14 shares with an obligation never to sell, with the assurance of an MFN clause to ensure that whenever they were allowed to sell, they received the dollar value of their invoices.
They are interested in buying Cognate only now because they perceive it is now a viable business. Private equity seeds ideas and businesses before the incumbents will venture into them at all. Cognate, I am sure, had the opportunity before, and likely was not able to span continents, and while CRL certainly had the means, they are in the process of devoting substantial capital to swallowing Cognate. Their job is not to ensure there is local production in Europe at this moment for another company entirely, just because they are buying Cognate and will now likely have the cost of scaling up the US facilities and we can’t presume waiting for them to do so would not delay things by years, even if, after they eventually complete their merger with Cognate, they learn the business and think they might now wish to expand.
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