"a great job in negotiating the Merck deal"
Hardly. The original structure of the Merck deal is primarily why I avoided the stock for a couple of years even though I felt the pipeline had so much upside. Structuring a deal that required ariad to fund 50% of the rida development costs almost certainly resulted in unnecessary dilution while offering limited upside to shareholders in return.
The restructured terms (albeit with less upside but significantly less risk), imo, should have been negotiated from the beginning. Between the MRK deal, the millions wasted on legal fees, the unnecessary dilution, and having your coo, chief legal counsel and 5 board members (one left earlier in the year) resign, I think criticism of management is more than valid, imo. Fortunately, the company now has the compelling pipeline the ceo and all the early investors originally envisioned, and ultimately is what will continue to drive the market cap.
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