""We went out with a target of raising $75 million but by the time we were ready to close the book we were more than three times oversubscribed, almost four times... The book was full of top quality institutional investors, many of whom were not going to get the allocation they wanted, so we decided to upsize the offering."
Two things: 1) I wish they had gone out at $30 and not $25, as they could have easily gotten it based on a 4X over-subscription of the book at $25. The book runners always want to play it safe but they left a lot of money on the table here. 2) As I said in a prior post, this secondary establishes a floor of $25. These investors are looking for a 2X-6X return, and after the price fluctuates a little, this will go up to the next leg (my guess is around $35). But aside from that,
I'm calling it here: Sarepta will be bought out in 2013 for $2.5-$3 billion by Biogen Idec or Sanofi, both of which have an interest in this field. That's about $80-$100 a share.