Hyperopia, what I've liked about Roche in the past is that they'll buy a company, like Genentech, then permit it to operate somewhat autonomously as a subsidiary. Frankly that's the way NWBO should be operated if it's purchased by a BP, if they have other personalized products, they could be combined, but operation of personalized products and mass produced products together could be very difficult for both.
The day may come when many products are personalized. When that occurs, I'd suspect that regionalized centers that produce many personalized products could be established, somewhat like the compounding pharmacies that can make specialized prescriptions not available in bulk. Of course such facilities would be larger, but not as plentiful as compounding pharmacies. With all their facilities, I could see CRL performing such services in the future for many different personalized product developers.
Other major BP's are operating in the same way, in it's buyout of IMGN, ABBV indicated IMGN would operate as a subsidiary, we'll see if they maintain that position over time. The big question in any such buyout is the attitude of the buyer. Do they want to put money into the company they purchased, and build it's product line, or do they want to essentially only grow the already approved products and abandon the rest, taking all the money they can out of it. Once again, I believe that Roche has assisted its subsidiaries to grow.
Partnerships or buyouts are a part of the game, I'd prefer one or more partnerships to being bought out. A partner that takes equity that represents 20% of the company, or more, has a great deal of influence over the company. They would probably get a seat on the Board, and allied with Institutions they could be hard to stop in a shareholder vote on any issue they insisted be put to a vote.
Gary
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