Value of assured Jakafi business: $17 a share. Value of quickly available Jakafi extensions: $3 a share. Value of Jakavi franchise: $2 a share. Value of bari franchise: $4 a share. Value of "public" pipeline: $2 a share. Value of "dark" pipeline: $1 a share. Gimme $1 a share on the cash account. Sum $30; selling for $16. How is this not capitualtion already?
Yeah, they had a seriously awful CC, but for management effectiveness, remember the financing buildup before the push to market. Net-net, Friedman swiped the bankers' underwear (before people stopped talking about the horrible dilutive convert issue that made it all possible)