I also find it a bit weird that the stock is trading only a few pennies above what *will* be cash value at year end:
"Monetizing this portion of the U.S. Treximet royalty unlocks its inherent value and significantly improves our balance sheet without dilution of existing shareholders. This enables us to negotiate with potential partners for PA32540 from a much stronger position and to continue to execute our strategic plan," said Dr. John R. Plachetka, Chairman, President and Chief Executive Officer. "With the completion of this transaction, we now expect to end 2011 with greater than $110 million, or approximately $3.67 per share, in cash, cash equivalents and short-term investments."
From the same PR:
"This agreement has no effect on any future royalties from MT400 that might originate from sales of the product outside of the United States."
Does that mean Treximet isn't approved by the EMA? Thought it was...nope, doesn't look like it, just checked GSK's 2010 annual report and it shows only sales in the US. WTF are they waiting for?!? Have they even applied for approval to the EMA?
There must something else going on. The response today is underwhelming. I wonder if this is a short candidate. I will be watching it. It seems like it should be higher, unless there is something else.