If Bap succeeds...you're right JNJ made a great deal...Now Bap's chances of succeeding are probably somewhat greater now that JNJ is involved, but less not forget that Alzthiemer, like Lupus drugs have a pretty big graveyard of failures. I'm doubtful if ELN could have struck a better deal, (obviously JNJ wasn't the only player at the table) and to say ELN made a bad deal, is to say that not only every other company that passed on Bap also showed at lack of acumen, but that Citi did a poor job in shopping it. I'm doubting ELN could have recieved a better bid, even if they had a clean balance sheet...and I also doubt ELN could have every brought BAP to market without JNJ. The deal is a crapshoot for JNJ, they got the money to shoot craps...12-18 months when BAP blows up (and it probably will) people will look at ELN and say..wow next to DuPonts selling it's Pharma to BMY and the AGIX exec's lining there pockets with Wyeth's money, ELN shaking JNJ down for a 1B was a great deal for ELN...