I hear you but would offer the counter view that the opportunity to purchase a pipeline of five therapeutics---two of which are utterly novel and in one of the hottest areas in cancer therapy---for around seven hundred million is reason unto itself. A great deal of doubt around the new target was put to bed after the ESMO meeting for the new therapeutics, and the 'old line' drugs(MM398 and MM302) are all but slam dunks. They are proven drugs in a new delivery vehicle so the chances of their success are very high.
So if value means anything to you this is probably a great opportunity. But yes, I agree, most biotech investors are event driven, and until there is some 'hook' moment where herds of folk are convinced simultaneously the price could lag. It would be refreshing to see smart folks line up now and buy before the crush comes----after a positive Phase II trial, an outlicensing deal, a take over attempt(obviously I'm speculating here) etc---and perhaps some will. We'll see.