Perhaps he became intimately familiar with how Roche operates during his years at Genentech. Roche established their first position in Genentech in ~ 1990. R.G. worked there 17 years and was there when Roche made the hostile takeover bid. Roche bought ~ 55%+ of Genentech's shares for ~$2.2 billion in 1990. Then offered to buy the rest for $43.7 billion in 2008. So I'd say R.G. probably knows them well. It's possible those vibes were based on his personal experiences. He says it's best to go it alone? Best to forego BTD because the FDA isn't going to do anyone any favors? Read between the lines. I'd say he is trying to keep PPHM independent and in control of the money and science and based on his experiences they may be better off this way. IMHO.