That actually sounds generally correct., not an "exposure". Are you familiar with the ways patents can be used for profit? In brief, an inventor and/or his assignee can apply for a patent. The inventor can also be the owner of the patent, but ownership is often assigned to the inventor's employer or some entity of the inventor's choosing or some other contractual obligation. The owner can either use the patent, license it to someone else (usually for a royalty) or sell it.
What we are told is that VIRO and BGEN have exclusive licenses from the owners of the patents, and both of those corporations are subsidiaries of ENZC. In the SAGA transaction (if it survives), the stock of those 2 corporations was sold to SAGA in exchange for SAGA stock. We don't know what assets are in each of those corporations other than the exclusive licenses of the patents. So, in theory and if the sale holds, SAGA will both finance future costs and receive the benefits from the use of the patents and that should be reflected in the value of SAGA's stock. ENZC (and its stockholders) will benefit from the value of SAGA's stock, whether up or down without having the burden of financing any of the costs associated with the patents. Later, ENZC will distribute the SAGA stock to ENZC stockholders as a dividend, and they say...they will have another business which will apparently be by acquisition. JMHO.
ENZC stockholders own the stock of ENZC, not the patents.
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