NTMD had $19M of shareholder’s equity as of 9/30/08. Deduct the $1M of inventory (which is probably worth nothing is a liquidation) and, say, $2.5 for burn since September and you have $15.5M as of today. Add in the $24.5M proceeds due from the sale of BiDil and you’re back to $40M. Now deduct, say, $12M for severance payments, legal bills, lease cancellations on the Lexington property, and miscellaneous shutdown costs and you’re down to $28M in net liquidation proceeds. Divide that by the share count and you get something very close to the 65 cents per share that Deerfield is offering.
In other words, if the offer is not a bluff, Deerfield would probably be better off just letting NTMD merge with Archemix.
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