Disagree. I seriously doubt management is going to walk away from Alz value. It’s pretty clear they believe we are getting AA. Even if it doesn’t happen, they have different time scales than some impatient investors/traders. Rett approval is worth $5 billion alone. Why would they just not use that to fund Alz, PD, PDF, Fragile X, etc.?
That being said, it is somewhat more likely that the BODs would consider taking some cash and more shares in a merger with a mid-sized commercial biotech, so as to still have access to future value of the pending indications. I don’t think it’s likely, just more likely than selling the future outright for peanuts.
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