If by "dilution" you are referring to the drop in share price then you are connecting two events that are not related. The drop in share price was because of TRCA. First, they and their analysts consistently bad-mouthed Insmed on "the street". Second, in June of that year, TRCA bought the rights to the IGFBP-3 portfolio...that was not part of the original licensing package. The only reason for buying those rights was to sue Insmed.
IMO, that's what caused the drop in Insmed pps. The timing of the Boulder purchase was coincidental.
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