She is more vulnerable now even with insiders holding 20% than she was during the Woodford years. This is a proven product especially in the recent combination trials. Even if she put together a consortium of investors, and she knows people with billions, and offered $5 per share without the poison pill going into effect she would lose control. MRK could come in with a slightly better offer and any judge would say the poison pill no longer is in effect due to the management’s action of trying to go private without it. I guarantee MRK after outbidding within six months would be selling combination therapy for GBM. They could do it without Advent personnel. NWBO owns the IP and I doubt CRL would turn down MRK to run the facility with old Cognate personnel.
At this price she is very vulnerable. Mostly has herself to blame.
Someone could come in and make a $5 offer now and a great many shareholders would jump. The $5 offer would cost them $10/share with the poison pill. If you think the platform is worth much more it is still a good deal. We are very vulnerable at this price.
This is where alienating shareholders could really come back to haunt them. $5 would be way too low especially with approval but folks are tired and it’s time for this to be over.