There never was $450 million of stock. SAGA could have offered anything they wanted to (like when they increased from the initial $250 million to the current $450 million offer), and just made up the shares they needed to make the deal happen. If SAGA was the only one to place a value on the science (CURES) that Enzolytics claims to control, that is to me a little worrisome. Regeneron (or any other big pharma) could have purchased all of Enzolyitics for the current sale price.
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