Now why would the institutional owners of ALXN agree to sell their shares at $200 when the stock will likely get there (or higher) on current fundamentals this year ???? Unique companies----and ALXN clearly is unique----generally go for a 50% premium. There are no large pharmas that will be paying $45-50 Billion for ALXN anytime soon. Its nice to think that as attractive a company as ALXN is that somebody would LOVE to buy them. The only problem is that they would not be able to get the shares for anywhere near the price you propose..