It's unfortunate that POZN's market value has been screwed up over the past year. In reality, this deal takes some value away from the company (they're getting $75M today for what should be $90M+ stream over then next 6 years). But I'm glad they did it. It will get people to look at POZN again, and re-evaluate the company's valuation.
There is now $120M in cash + another royalty stream in Vimovo. That royalty stream is worth between $20M (very low end) to $60M after tax. This doesn't include expenses or possible revenue with PA.
My guess is we'll go to a minimum of $4.50 on Friday up to a high of $6.
I'd also prefer that they partner, in part because the conspiracy theorist in me thinks they'd have a better shot at FDA approval with a partner in their corner. Especially if some big pharmas are concerned that GI-protected aspirin at $1 a day could threaten their prescription drug pricing structure and potentially cut into their sales of other NSAIDs.
We should learn more about POZN's plans when they speak at the Piper Jaffray conference on Wednesday 11/30. Maybe they'll issue a PR before that.
Also, they get the 20% royalty stream. If AstraZeneca is looking to acquire them then this deal was brilliant by Pozen. It puts the full value of the program on their balance sheet in cash. As such, AZ is forced to pay more by focusing solely on Vimovo and the pipeline. This was a really good deal. I'm impressed.