As soon as T-DM1 gets approved by the FDA on Feb 26th, Roche will make a bid to takeover IMGN. This makes sense because (1) By owning IMGN, Roche can protect the Herceptin's $1BB market by owning the rights to TAP technology (2) IMGN is sitting on $200MM cash which Roche can use IMGN's own cash to finance the takeover (3) Roche by acquiring IMGN now has a pipeline rich of future TAP based products (4) Roche has the sales/marketing muscles to bury SGEN. IMGN's current partners may also make a bid for IMGN. The bottom line is: As we approach Feb 26th approval date, IMGN price will drift up, once Tap technology is validated with a FDA approval of T-DM1, IMGN worth will sky-rocket with many bidders ready to make an offer on acquiring IMGN. IMGN's management and BOD knows what is coming so they are preparing an exit strategy now by enriching themselves now (with options) before the party is over. In the long run, getting rid of IMGN inept management is a good thing for investors.
IMGN will become a leading powerhouse not unlike Genentech was and still is. The silly talk of buyouts is a recurring theme for impatient children looking for a quick exit/profit. There's much more potential riches with this company if it's allowed to bring a few of it's wholly owned drugs to market.
the only thing wrong with your theory is, SGEN is run by and employs many former Roche employees and has been doing more licensing deals lately with Roche than IMGN. I think Roche would be wise to eventually buy both, or buy IMGN and continue partnering with SGEN if anti-trust is an issue.
Just send us retail owners the crumbs of your cake Junius and Perry.