I read the article and thought it was very informative. The writer gave little value to the compounds in phase 1 and preclinical, and IMHO this is a correct way to value them. I thought it was a nice touch to say they were treating the early stage compounds as "options" on the future.
Sounds like it to me also. I wonder if the author has difficulty getting updates on Astex compounds? With 2 billion in potential payments and 2 1/2 years since purchase announced, payments should happen any day now